Trade reports are like oceans. Much of the action happens beneath the surface.
That is the lesson of today’s trade report, which showed a rising deficit in May, albeit one that came in narrower than expectations. The U.S. goods and services trade deficit rose to $77.6 billion. The goods deficit widened to $106.5 billion. Exports fell, imports rose, and net exports now appear likely to subtract modestly from second-quarter GDP growth.
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