Latest projections: The Congressional Budget Office said Wednesday that it expects the federal budget deficit to drop by $188 billion this fiscal year to $1.5 trillion, a short-lived dip as the annual shortfall is likely to rise over the next nine years. Read the full story.
Imports declining: The U.S. trade deficit widened slightly in December, but contracted by the most in 14 years in 2023 as imports declined and exports jumped to a record high. The report from the Commerce Department on Wednesday also highlighted the rising status of the U.S. as a major oil producer, with the inflation-adjusted value of petroleum exports surging 15.9% to a record high in December. Read the full story from Reuters.
Spirits beat beer: The spirits industry held its market share edge over beer and wine for the second straight year in 2023, even as it showed little growth, according to new data from the Distilled Spirits Council of the U.S. Read more from CNBC.
