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The numbers: The U.S. trade deficit in goods narrowed 4.4% to $87.8 billion in June, according to the Commerce Department’s advanced estimate released Thursday.
Economists polled by Econoday were looking for the deficit to remain broadely unchanged at a $91.8 billion deficit.
The advanced trade data is expressed in nominal terms, meaning it is not adjusted for inflation.
Key details: Exports of goods inched up by $400 million to $162.5 billion in June. Imports fell $3.6 billion to $250.3 billion.
Big picture: Imports are being hit by the continued shift in consumer demand away from goods to services.
Market reaction: Stocks
DJIA,
SPX,
were set to open higher on Thursday, while the yield on the 10-year Treasury note
TMUBMUSD10Y,
rose to 3.90%.
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