US trade deficit narrows in November

The US trade deficit fell to its lowest level in nine months in November, according to the data released by the Commerce Department.

The deficit was down 5% to $42.4bn, while October's figure was revised up to $44.6bn from $43.9bn.

Economists had expected the deficit to widen to $44.4bn.

Exports dropped 0.9% to $182.2bn and imports slid 1.7% to $224.6 billion, hitting their lowest level since 2011.

The decline in exports is the latest sign that economic growth stalled in the fourth quarter. Although much of the drop in imports is likely to have been down to inventories, it could also be indicative of a slowdown in domestic demand.