BREAKING NEWS

US trade deficit surges on oil to $50.2b. in May

WASHINGTON - The US trade gap widened sharply in May to its highest level in 31 months as surging oil prices helped push imports to a near record and exports fell slightly from April's record high.
The trade deficit totaled $50.2 billion, the highest since October 2008, and well above the consensus estimate of $44.0 billion from Wall Street analysts surveyed before the report, a Commerce Department report showed on Tuesday.Imports rose 2.6 percent to $225.1 billion, the highest since the record of $231.6 billion set in July 2008 just before the global financial crisis took a huge toll on global trade.
US stock index futures dipped slightly on the news, while the dollar pared gains against the euro. Bond prices were mostly unchanged.
Subscribe for our daily newsletter
Subscribe for our daily newsletter

By subscribing I accept the terms of use