The U.S. trade deficit in June narrowed to $US41.5 billion.
Expectations were for the trade deficit to widen some to $US44.8 billion.
The deficit for May was revised to $US44.7 billion from $US44.4 billion.
From the BEA:
“In June, the goods deficit decreased $US3.0 billion from May to $US60.3 billion, and the services surplus increased $US0.1 billion from May to $US18.7 billion. Exports of goods increased $US0.1 billion to $US136.9 billion, and imports of goods decreased $US2.9 billion to $US197.2 billion. Exports of services increased $US0.1 billion to $US59.0 billion, and imports of services were virtually unchanged at $US40.2 billion.”
Following this report, Captial Economics wrote that this decline points to Q2 GDP being revised higher, likely to about 4.2% from the initial 4% print.
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