By Harriet TorryU.S. trade with the rest of the world decreased in May, as both imports and exports declined, the Commerce Department said Thursday. Imports dropped to their lowest level since December 2021, a potential sign of cooling consumer demand. Here are takeaways from Thursday's Commerce Department report on U.S. import and export trends. In the U.S., consumer spending on goods declined sharply in May amid rising borrowing costs and inflation that remained at a historically high level. -Through May this year, the goods and services deficit decreased 22.8% from the same period in 2022, the Commerce Department said.

Source: Wall Street Journal July 06, 2023 13:24 UTC