Numbers: The U.S. trade deficit in goods widened 2.6% to $90.2 billion in January, according to advanced estimates released by the Commerce Department on Wednesday.
Economists polled by Econoday were looking to narrow the deficit to $88.1 billion.
Key details: Goods exports rose $400 million to $170.4 billion in January. Imports rose by $2.7 billion to $260.6 billion.
The report also showed a 0.1% decline in wholesale inventories in January. Advanced retail inventories rose 0.5%. Excluding automobiles, retail inventories rose 0.3%.
The Big Picture: Exports jumped in December and economists were expecting some decline this month. The trade deficit fell sharply in 2023, helping to boost growth. Economists are watching to see whether geopolitical tensions will impact trade flows in the coming months.
Market reaction: DJIA SPX shares are set to open lower on Wednesday. The yield on the 10-year Treasury note BX:TMUBMUSD10Y fell to 4.29%.
