(Reuters) - The economy likely expanded slightly in the fourth quarter, according to data on Friday that suggested a surprise drop in GDP reported by the government last week was overstated.
The U.S. trade deficit narrowed to its lowest point in nearly three years in December on a drop in oil imports and a surge in exports.
The country's trade gap narrowed to $38.5 billion during the month, Commerce Department data showed on Friday. That was a much smaller deficit than analysts polled by Reuters had expected.
"Trade data for December paint a reassuring and encouraging picture of the U.S. economy at the end of last year," said Chris Williamson, chief economist at Markit.
A separate report from the Commerce Department showed wholesale inventories unexpectedly declined in December, which offsets some of the gains to GDP from trade.
The U.S. trade deficit narrowed to its lowest point in nearly three years in December on a drop in oil imports and a surge in exports.
The country's trade gap narrowed to $38.5 billion during the month, Commerce Department data showed on Friday. That was a much smaller deficit than analysts polled by Reuters had expected.
"Trade data for December paint a reassuring and encouraging picture of the U.S. economy at the end of last year," said Chris Williamson, chief economist at Markit.
A separate report from the Commerce Department showed wholesale inventories unexpectedly declined in December, which offsets some of the gains to GDP from trade.