In addition to falling oil prices, slowing world growth appeared to impact trade flows in late summer and early fall, resulting in a $56.5 billion deficit in the U.S. September trade balance, its best showing since October 2007.

September marked a second monthly narrowing in the trade gap as imports plunged $12.5 billion on the back of a $8.3 billion decline in oil and related items, a $1.6 billion dip in pharmaceuticals, a $732 million retrenchment in autos, and a $1.4 billion reversal in household goods and apparel.

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