Trade Deficit Lower. Inventories Lower.

Trade Balance (December 2012)

Trade Balance $ -38.5 billion.  Previous was -48.7 Billion. Some of this was due to a large spike in November imports of the new iPhone.  Exports were +2.1% and oil imports were -$4.7 Billion.

Wholesale Trade (December 2012)

– Inventories (month/Month) were -0.1%.  This is the “I” in GDP = C+G+I+(X-M).  The preliminary GDP report estimates I for December and this negative number supports a low GDP growth in the next revision to 4thQ2012 GDP.