Advance economic data indicated that the goods trade deficit jumped 18.0% MoM in December to $122.1 billion. This was caused by a sharp -4.5% MoM decline in exports, and a 3.9% MoM increase in imports. On an annual basis, imports were up 12.4% YoY which suggests there was a surge in imports ahead of Trump tariffs in 2025.

Inventories fell across both the wholesale and retail segments. Wholesale inventories specifically were down -0.5% MoM and -0.1% YoY. Retail inventories fell -0.3% MoM as motor vehicle & parts inventories saw a sharp -1.2% MoM decline, though they are still 11.4% above a year ago.