U.S. Trade Deficit Narrows Slightly More Than Expected To $69.0 Billion In May
(RTTNews) - The U.S. trade deficit narrowed by slightly more than expected in the month of May, according to a report released by the Commerce Department on Thursday.
The Commerce Department said the trade deficit decreased to $69.0 billion in May from a revised $74.4 billion in April.
Economists had expected the trade deficit to shrink to $69.8 billion compared to the $74.6 billion originally reported for the previous month.
The narrower trade deficit came amid a steep drop in the value of imports, which tumbled by 2.3 percent to $316.1 billion in May after jumping by 1.5 percent to $323.6 billion in April.
Imports of consumer goods, including pharmaceuticals, led the way lower, while imports of industrial supplies and materials also showed a notable decrease.
The report showed the value of exports also fell by 0.8 percent to $247.1 billion in May after plunging by 3.5 percent to $249.2 billion in April.
Decreases in exports of soybeans and industrial supplies and materials were partly offset by an increase in exports of automotive vehicles, parts and engines.
The Commerce Department also said the goods deficit narrowed to $91.3 billion in May from $96.0 billion in April, while the services surplus rose to $22.3 billion from $21.6 billion.
Powell Says Outlook, Shifting Balance Of Risks 'May Warrant' Lower Rates
U.S. Leading Economic Index Edges Down In Line With Estimates In July
U.S. Existing Home Sales Unexpectedly Rebound In July
Philly Fed Index Unexpectedly Returns To Negative Territory In August
U.S. Jobless Claims Rise More Than Expected To 235,000
Philly Fed Index Slumps Much More Than Expected In August
U.S. Weekly Jobless Claims Rise More Than Expected
