US trade deficit increases more than expected in October and is now up 10% for 2018

Source: CNBC

The U.S. goods and services deficit increased more than expected in September amid escalating tensions with its global trading partners.

The shortfall rose to $54 billion for the month, a 1.3 percent increase, or $700 million, from August and reflective of a 10.1 percent increase year to date, according to government numbers released Friday. Economists surveyed by Refinitiv had been looking for a gain of $53.6 billion.

The goods deficit stood at $76.3 billion, the highest on record on a seasonally adjusted basis.

Exports increased to $212.6 billion, a $3.1 billion gain from August, while imports rose $3.8 billion to $266.6 billion.