The U.S. trade deficit narrowed for the second consecutive month in May as imports were held down by lower goods spending by American households and exports jumped on energy shipments.
The trade gap in goods and services shrank 1.3% in May from the previous month to $85.5 billion, the Commerce Department said Thursday, down from April’s revised $86.7 billion.
Imports rose 0.6% to $341.4 billion, largely due to higher costs for imports of crude oil and services. Exports were up 1.2% to $255.9 billion on higher crude-oil and natural-gas exports. Exports of consumer goods and services rose modestly.
