The increase in the trade deficit to a record $89.7bn in January, from $82.0bn, means that net trade is on track to subtract close to 2%-pts from annualised first-quarter GDP growth, which we expect to slow to only 1.5% annualised.
Drop-In (8 March, 10:00 EST/15:00 GMT): We’re discussing Russian energy imports and Europe’s energy needs in this special 20-minute briefing on one of the big sticking points in the western response to the war in Ukraine. Register here.
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