The US merchandise-trade deficit narrowed in August to the smallest since October 2021 as both imports and exports dropped, suggesting a tailwind for economic growth in the third quarter. The shortfall shrank 3.2% to $87.3 billion last month, Commerce Department data showed Wednesday. The figures, which aren’t adjusted for inflation, compared with a median estimate for a gap of $89 billion in a Bloomberg survey of economists. Exports declined 0.9% to $179.8 billion, the first drop since January. Imports retreated for the fifth straight month to $267.1 billion. Inbound shipments of consumer goods advanced 4.5% to ... (full story)