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After hitting a six-month high in April, the U.S. international trade deficit narrowed 7.3% in May to $69 billion, the Commerce Department said Thursday.
The deficit was in line with economists surveyed by The Wall Street Journal.
Imports fell 2.3% to $316.1 billion in May. The drop was led by consumer goods, including cell phones. Exports slid 0.8% to $247.1 billion, led by food, industrial supplies and autos.
Over time, economists expect the deficit to widen as exports are held down from weak conditions overseas, particularly in China.
Stocks
DJIA,
SPX,
were set to open lower Thursday while the yield on the 10-year Treasury note
TMUBMUSD10Y,
rose above 4%
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