The details show a weakening US consumer:

The US trade deficit narrowed to USD 47.2 billion in October of 2019 from a downwardly revised USD 51.1 billion in the previous month, and below market expectations of a USD 48.7 billion. It is the lowest trade gap since May of 2018. Imports slumped 1.7 percent to the lowest value in two years amid falling purchases of pharmaceutical preparations, auto parts, vehicles and cell phones Exports edged down 0.2 percent.

Still working their way lower:

Air cargo industry braces for worst year since financial crisis as holidays fail to perk up demand

US Companies Add the Least Jobs in 6 Months: ADP

Private businesses in the US hired 67K workers in November, well below market expectations of 140K and compared with a downwardly revised 121K in October. The service-providing sector added 85K jobs, driven mostly by education & health; professional & business; leisure & hospitality and other services. Meanwhile, the goods-producing sector shed 18K jobs, the third straight month of falling employment and the sixth in 2019.

The chart shows how the tariffs caused a serious deceleration of hiring:

The collapse from the current tariffs is still underway, with new ones scheduled to kick
in Dec 15. And the President measure the success by how much tax the US is collecting
from the tariffs, which he believes is being paid by China. That is he sees collecting more
in taxes = ‘winning’:

U.S. has not ruled out tariffs on imported cars, commerce chief says

Here We Go Again: U.S. Threatens 100% Tariffs on French Cheese and Champagne

No growth at all for the last 8 months:

Earnings expectations decelerated to 0 or less:

Contraction continues, not to be reversed any time soon by any kind of ‘trade deal’ with China:

Deep contraction:

Highlights

The good news is that the trade deficit in goods narrowed sharply in September to a much lower-than-expected $70.4 billion, but the bad news is both exports and imports, in an indication of economic slowing, fell sharply. Exports dropped 1.6 percent in the month for year-on-year contraction of 3.0 percent, showing an oversized 12.6 percent monthly decline in foods, feeds & beverages that will raise talk of issues with China. Exports of autos were also down sharply, down 7.2 on the month in what may be tied in part to the GM strike which began mid-month September. Imports fell 2.3 percent on the month with this year-on-year decline at a steep 4.6 percent, with consumer goods falling 5.0 percent in the month and with capital goods down 2.3 percent and vehicles down 3.5 percent.

Imports are a negative for the GDP calculation and today’s results, where the decline in imports outstrips the decline in exports, will give a lift to third-quarter GDP estimates (data to be posted this Wednesday). But more fundamentally the results speak of slowing US demand and will not be giving a lift to overall assessments of economic growth, whether domestic or international. Note that bilateral country data aren’t broken out in the advance goods release but will be posted in next week’s trade report that will include services.

Comfortably below 0:

Also back in negative territory:

The 5th Deadly Innocent Fraud continues to take its toll:

Rolled over and headed lower:

Note the collapse in the growth of China’s imports due to the tariffs, which equals rest of world exports to China: