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| May Trade Data/June Import Price Data (#1) - Jul. 13, 2005 |
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Summary
Earlier this morning, the Commerce Department reported a May US trade deficit of $55.3 billion. This compared with a revised April deficit of $56.9. April's red ink was revised downward by about $100 million. Elsewhere, the Labor Department reported that import prices during June rose 1.0%.
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Trade
The May trade deficit (goods and services) came in at $55.3 billion, down $1.6 billion from April's revised shortfall of $56.9 billion (originally reported at minus $57.0 billion).
The May deficit was the result of imports of $162.2 billion, and exports of $106.9 billion This compared with a revised import/export result for April of $163.6 and $106.7 billion.
Import Prices
Also this morning, the Labor Department reported that import priced rose 1.0% during June, led by a 7.6% surge in petroleum prices. Year over year, import prices were up 7.0%.
I will soon publish a more detailed examination of today's numbers.
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