Trade deficit high­est since ’08 as im­ports out­pace ex­port gain

Austin American-Statesman - - BUSINESS & PERSONAL FINANCE -

The trade deficit rose in May to an 18-month peak as ris­ing im­ports off­set an­other solid gain in U.S. ex­ports. The surge in im­ports was a hope­ful sign for the eco­nomic re­cov­ery be­cause it sug­gested busi­nesses are op­ti­mistic that U.S. con­sumers will spend more in com­ing months.

The trade gap grew 4.8 per­cent to $42.3 bil­lion, the largest deficit since Novem­ber 2008, the Com­merce Depart­ment said. U.S. ex­ports of goods and ser­vices rose 2.4 per­cent to $152.3 bil­lion. It was the largest monthly to­tal since Septem­ber 2008, the month the fi­nan­cial cri­sis struck with force.

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