The Week Ahead

INTERNATIONAL TRADE

Tuesday, July 20, 8:30 a.m. EDT -- The U.S. trade deficit of goods and services for May probably totaled $19 billion, says the median forecast of economists surveyed by Standard & Poor's MMS, a division of The McGraw-Hill Companies. That would be little changed from the $18.9 billion deficit posted in April. However, the expected May gap would mean that the trade deficit in the second quarter is on track to be much bigger than the first-quarter total. A wider trade deficit subtracts from real gross domestic product growth. The S&P MMS survey expects that exports edged up slightly, following a 1.2% advance in April. May imports, already up for four months in a row, probably rose at a faster pace than exports, lifted in part by higher prices for petroleum products.

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