One number that continues to fall is the price of oil, which is just above $56 a barrel midday, signaling a taper off in demand and a possible move by OPEC to curb supplies. Barbara Lewis of Reuters says the only thing supporting the markets is the possibility of OPEC production cuts by the end of the month, but this move would prove to be in step with the slowed demand.
The U.S. trade deficit has posted a larger than expected decline and is down to the lowest level in about one year, despite the deficit with China up to an all-time high.
Martin Crutsinger for Associated Press reports the Commerce Department reported Thursday that the trade deficit fell by 4.4% to $56.5 billion in September, the smallest imbalance since October 2007.
The big drop in oil imports helped to slash overall imports by 5.6% to $211.9 billion. An unexpected 15.7% fall in petroleum imports is because of the slash in oil prices to a record $12.41 a barrel.