Source: Economics Group of Wells Fargo Bank, N.A.
The U.S. trade gap narrowed to the smallest deficit in six months as export growth outpaced imports for the second consecutive month. The tide is turning on domestic demand, which should continue to quell import growth from the breakneck pace we saw throughout the pandemic.
The Tide is Turning on Domestic Demand
The U.S. trade deficit narrowed modestly to $85.5 billion in May, which marks the lowest deficit since the start of the year (chart). The narrowing was due to the gain in exports (+$3.0 billion) outpacing imports (+$1.9 billion) for the second consecutive month. READ FULL ARTICLE>>