Keeping you up to date on the latest data releases.
- International Trade
In June, the U.S. trade deficit narrowed $5.1 billion to $42.9 billion, down from May’s downwardly revised $48.0 billion deficit ($48.7 previously). June marks the third consecutive month in which the trade deficit contracted. The narrowing was driven by a 1.5 percent decline in imports, which dropped $3.5 billion to $227.9 ($231.4 billion, previously). The drop in imports was partly influenced by falling import prices, particularly petroleum prices which fell 10.5 percent from May to June. Increasing $1.7 billion to $185.0 billion ($183.3 previously), the 0.9 percent monthly gain in exports also contributed to the improvement of the overall trade balance. On a year over year basis, imports rose 2.2 percent, a deceleration from 3.6 percent and 6.4 percent gains seen in May and April. Exports jumped 7.1 percent year-over-year after averaging a 4.2 percent yearly pace in the first two months of the second quarter. With the trade deficit narrowing much more sharply than the $47.5 billion predicted by consensus forecasts, net exports are in the position to have a more positive impact on second quarter GDP.