Morning Money Memo …
ABC News’ John Kapetaneas reports:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the U.S. trade deficit rose by $3 billion in April.
The government announced total April exports of $193.3 billion and imports of $240.6 billion resulting in a goods and services deficit of $47.2 billion, up from March’s revised deficit of $44.2 billion.
April exports were $0.3 billion less than March exports of $193.7 billion.
April imports were $2.7 billion more than March imports of $237.8 billion.
In April, the goods deficit increased $3.3 billion from March to $65.8 billion, and the services surplus increased $0.2 billion from March to $18.6 billion.
Exports of goods decreased $0.6 billion to $135.1 billion, and imports of goods increased $2.7 billion to $200.9 billion.
Exports of services increased $0.3 billion to $58.2 billion, and imports of services increased $0.1 billion to $39.7 billion.
What’s in the Fed’s Little Beige Book?
Markets will have an eye on the Fed report this afternoon, expected to highlight a strengthening labor market and positive data from the automotive sector, and to clarify Fed concerns about investor risks and the overall low market volatility.
April’s Beige Book previously reported improved economic conditions in most of the country, highlighting increases in manufacturing and consumer spending, while the mixed agricultural sector reflected difficult winter weather conditions.