The U.S. trade deficit narrowed to $44.4 billion in May.
This beat expectations for a trade deficit of $US45 billion, and is down from a deficit of $US47 billion in April.
Exports totaled $US195.5 billion and imports totaled $US239.8 billion.
“May exports were $US2.0 billion more than April exports of $US193.5 billion. May imports were $US0.7 billion less than April imports of $US240.5 billion.”
While the latest trade report is sure to be overshadowed by the jobs report, it’s one to keep a close eye on.
“Recall that the -2.9% annualized drop in Q1 real GDP was primarily due to a plunge in net exports, which subtracted 150 bps from overall output and a slower pace of inventory accumulation, which lopped another 170 bps off of growth,” Deutsche Bank economists wrote ahead of the data release.
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