U.S. Trade Deficit Unexpectedly Shrinks to -$59.8 Billion

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The U.S. monthly trade deficit unexpectedly shrank in May to -$59.8 billion, with April's deficit figure downwardly revised to -$60.5 billion from a previously reported -$60.9 billion, the U.S. Census Bureau reported Friday.

Economists had been expecting a deficit of $62.5 billion, with expectations ranging from -$65.0 billion to -$59.5 billion.

Prior to the release, economists from Capital Economics said the growing trade deficits in recent months have primarily been driven by soaring oil prices, which they say could have a "profound" impact on the trade deficit over the next several months as well.

By Stephen Huebl
©CEP News Ltd. 2008

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U.S. Trade Deficit Unexpectedly Shrinks to -$59.8 Billion

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