Trade Gap in U.S. Unexpectedly Narrows to Six-Month Low
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The trade deficit in the U.S. unexpectedly narrowed in July to the lowest level in six months as exports climbed to a record.
The gap shrank 0.6 percent to $40.5 billion, the smallest since January, from a revised $40.8 billion in June that was narrower than previously estimated, the Commerce Department reported today in Washington. The median forecast in a Bloomberg survey of 65 economists called for a widening to $42.4 billion. Sales to foreign customers climbed 0.9 percent on growing demand for American autos and petroleum products.