Keeping you up to date on the latest data releases.
- International Trade
In May, the U.S. trade deficit narrowed by $1.9 billion to $48.7 billion, down from April’s upwardly revised $50.6 billion deficit ($50.2 billion, previously). May marks the second consecutive month in which the trade deficit contracted. The narrowing was driven by a 0.7 percent decline in imports which dropped $1.6 billion to $231.8 billion ($233.3 billion, previously). The downward path of imports was partly influenced by falling import prices which declined 1.0 percent in May. Also contributing to the contraction of the overall deficit was a modest 0.2 percent expansion in exports by $0.4 to $183.1 billion ($182.7 billion, previously). On a year-over-year basis, imports rose by 3.8 percent, the smallest year-over-year gain since October 2008. Exports climbed 4.2 percent, up slightly from a 4.0 percent yearly gain in March.