Market indexes began this Tuesday morning roughly flat, ahead of a couple key data points released before the bell: Advance Trade in Goods for August and Case-Shiller Home Prices for July. Neither will carry the impact of the mass of jobs data we’ll get beginning tomorrow, but both demonstrate economic implications for the U.S. going forward.
The Advance Trade in Goods number for last month was, simply, the deepest deficit on record: -$82.9 billion. This is notably worse than the $78.9 billion expected by analysts and the downwardly revised -$80.1 billion for July. Imports rose 3.1%, led by Consumer Goods and Autos, up 7% and 6.2%, respectively. By comparison, Exports rose 2.8%, with Industrial Supplies 10.6% higher but Capital Goods down 3.9% on the month.
What these numbers suggest is that the U.S. is bouncing back from the coronavirus pandemic more slowly than other regions around the world, particularly Asia,