U.S. trade deficit grows in May

The U.S. trade deficit in May rose higher than analyst expectations, jumping 10.1 percent month-over-month to a seasonally adjusted $41.1 billion.

   The U.S. Commerce Department reported Wednesday the nation’s trade deficit rose 10.1 percent month-over-month in May to a seasonally adjusted $41.1 billion.
   Economists surveyed by the Wall Street Journal anticipated the deficit would total $40.5 billion for the month, while economists polled by Reuters forecasted the deficit would reach $40.0 billion.
   Despite the higher deficit in May, the majority of economists anticipate trade will have a modest positive impact on the second-quarter gross domestic product, close to its first-quarter boost of approximately 0.1 percent, the Wall Street Journal said.
   During the month, U.S. imports rose by $3.4 billion from April to $223.5 billion, while the nation’s exports fell by $0.3 million from April to $182.4 billion.
   However, for the first five months of 2016, the goods and services deficit fell by 3.5 percent from the corresponding period in 2015. U.S. exports declined 4.9 percent from the same period a year prior, while imports dropped 4.7 percent.