The US Commerce Department reported today that the US trade deficit widened by 4.8 percent in May to $42.3 billion. The increase in the deficit resulted from the fact that the gain in imports greatly exceeded the growth of exports.
The figures show U.S. Ã¢â‚¬Å“consumer spending hasnÃ¢â‚¬â„¢t petered out yet and neither has business spending,Ã¢â‚¬Â said Jay Bryson, senior global economist at Wells Fargo Securities LLC in Charlotte, North Carolina. Still, Ã¢â‚¬Å“you do have growth in some of the major trading partners slowing down, particularly in Europe, coupled with the stronger dollar. All those things will help slow export growthÃ¢â‚¬Â in coming months, he said.
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