U.S. Trade Deficit Narrows Further in June – BEA Data

© Reuters.

By Scott Kanowsky

Investing.com — The shrank less than expected in June as strengthening international demand offset a domestic slump spurred on by soaring inflation and increasing borrowing costs.

Data from the Bureau of Economic Analysis on Thursday showed the trade deficit fell by 6.2% during the month to $79.6 billion, adding to the 1.3% decline seen in May. Economists had expected the trade balance in the world’s largest economy to come in at $80.1 billion.

of goods and services rose 1.7% from May, while contracted by 0.3%.