US Trade Deficit Falls 5.6% to $44.4 Billion as Exports Hit Record High
Source: Bloomberg News
@BreakingNews: RT @breakingmoney: US trade deficit falls 5.6% to $44.4 billion as exports hit record high and imports dip - @AP
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Trade Gap in U.S. Shrinks More Than Forecast on Record Exports
By Jeanna Smialek
July 03, 2014 8:30 AM EDT
The trade deficit in the U.S. narrowed more than forecast in May on record exports, signaling a pickup in global growth that will boost American manufacturers.
The gap shrank by 5.6 percent, the biggest drop since November, to $44.4 billion from the prior month’s $47 billion, Commerce Department figures showed today in Washington. The median forecast in a Bloomberg survey of 69 economists called for a contraction to $45 billion. Sales to foreign customers climbed 1 percent on growing demand for autos and parts, petroleum products and aircraft engines.
Economic expansions abroad that are gaining traction will probably continue to invigorate demand for American goods. A narrowing deficit would mean trade becomes less of a drag on gross domestic product in the second quarter after the world’s largest economy contracted in the first three months of 2014.
Read more: http://mobile.bloomberg.com/news/2014-07-03/trade-gap-in-u-s-shrinks-more-than-forecast-on-record-exports.html
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