U.S. trade deficit to weigh on economic growth in the first quarter

The goods and services deficit was $48.5 billion in January, up $4.2 billion from $44.3 billion in December, the highest level since March 2012, according to the official report released by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. Although the deficit was in line with economists forecasts, rising oil prices could continue to push the import bill, weighing on the economic growth in the first quarter.

Key findings from the report

• Average exports of goods and services increased $1.9 billion to $189.7 billion in January

• Average imports of goods and services increased $3.9 billion to $235.8 billion in January

• Crude oil imports increased to $1.7 billion