"Exports are holding up, but as we go forward we are going to see pretty weak numbers given the slowdown abroad"
- Jay Bryson, senior global economist at Wells Fargo Securities LLC
U.S. trade deficit narrowed in May, helped by lower demand for consumer goods and falling oil prices. The gap narrowed 3.68 per cent to 48.7 billion dollars, said the Commerce Department on Wednesday.
"The trade deficit will drift slightly lower because of the decline in the price of oil," said Jay Bryson, senior global economist at Wells Fargo Securities LLC in Charlotte, North Carolina, who was the only analyst to correctly project the trade outcome.
"Exports are holding up, but as we go forward we are going to see pretty weak numbers given the slowdown abroad. Our economy has slowed as well. Import growth has definitely softened."
U.S. stocks mostly closed lower the same day. While the Standard & Poor's 500 remained flat at 1,341.45, the Dow Jones Industrial Average slid 0.38%, or 48.59 points, to 12,604.53 and the Nasdaq Composite lost 0.49%, or 14.35 points, to 2,887.98.
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