Tuesday, July 19, 8:30 a.m.
The foreign trade deficit for goods and services is projected to narrow slightly to $8 billion in May, from $8.4 billion in April. That's the median forecast of economists surveyed by MMS International, a division of McGraw-Hill Inc. For goods alone, however, the trade deficit probably widened to $12.4 billion in May, from $12 billion in April. Exports, which fell 4.2% in April, rebounded slightly, while imports continued to increase for the fifth consecutive month. If the forecast proves right, the foreign trade sector, which robbed more than one percentage point from growth in the first quarter, could have been a drag in the second quarter as well.