U.S. international trade activity fell by 2.7% year over year in January, the eighth consecutive decline. Imports led the way with a 3.9% slide – somewhat concerningly there was an 8.3% drop in autos as well as lower activity in capital goods and consumer products suggesting that underlying economic demand may be weaker. Exports contracted by 1.0% with food and industrial supplies rising but manufactured products falling including a 3.9% slide in exports of capital goods and a 5.2% slip in consumer products. The boost to exports from the U.S.-China phase 1 trade deal aren’t yet apparent....