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The numbers: The U.S. international trade deficit jumped 3.1% in May to $71.2 billion, the Commerce Department said Friday. That’s the second highest on record, only surpassed by the $75 billion trade gap in March.
The data was in line with estimates from economists surveyed by the Wall Street Journal.
Exports rose 0.6% to $206 billion in May while imports rose 1.3% to $277.3 billion.
Big picture: The trade deficit is widening as the recovery in the U.S. from the pandemic is further along than many trading partners. Over the first five months of the year, the trade gap in up 45.8% compared with the same period last year. Economists think the trade gap will plateau at high levels in coming months as Americans start to spend more money on services rather than imported goods.
Market reaction: Stocks
DJIA,
SPX,
were set to open on Friday after the government released a stronger June jobs report.
