Trade Deficit in U.S. Jumped in May as Imports Near Record
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The trade deficit in the U.S. unexpectedly jumped in May as imports climbed to the second-highest level on record, pointing to an economy that is overcoming higher taxes and government cutbacks.
The gap widened by 12.1 percent to $45 billion, the biggest since November, from $40.1 billion in April, Commerce Department figures showed today in Washington. The median forecast in a Bloomberg survey of 71 economists called for a $40.1 billion deficit. The value of imports at $232.1 billion was second only to a record $234.3 billion in March 2012.