U.S. Economy: May Trade Deficit Narrows to $55.3 Bln

Record exports and a decline in oil prices helped the U.S. trade gap unexpectedly narrow to $55.3 billion in May, suggesting trade gave at least a short-term lift to economic growth for the first time in almost two years.

The imbalance in goods and services trade dropped 2.8 percent from $56.9 billion in April, the Commerce Department said today in Washington. The median forecast in a Bloomberg News survey of economists called for no change from April. The dollar gained against the euro after today’s report.