The U.S. goods and services trade balanced increased by 3% in August vs. a year earlier – the ninth increase in the past 12 months. While it has fallen vs. January there is considerable seasonality in the goods component. The $42.7 billion was slightly smaller than forecast, likely the result of the growth in services imports (2%) being slower than exports (4%) for the first time in 30 months. That was the result of a 15% drop in intellectual property consumption – last August included the 2016 Olympics. Politically the administration of President Trump will be more focussed on the goods...