WASHINGTON — The U.S. trade deficit grew in May to more than $42 billion, its widest gap in nearly two years, mostly because of a rise in imports of consumer goods, according to government figures.
Imports rose to $194.51 billion in May, outstripping exports of $152.25 billion, Commerce Department figures showed. The monthly report showed a trade imbalance of $42.26 billion, the largest since November 2008, when it stood at $43.8 billion.
The deficit expansion exceeded the estimates of analysts, who suggested that companies rebuilding their inventories accounted for a large part of the increase in imports.
“Under the surface, it has been very good,” said Joshua Shapiro, the chief U.S. economist for MFR Inc. “Trade flow is growing in both directions. But how that will survive in terms of growth rates is the question.”
Analysts said the outlook depended on whether consumer demand picked up in the months ahead — an uncertainty given the shaky jobs market — and how the economy fared after the government stimulus expired.
Paul Dales, the U.S. economist for Capital Economics, said his firm was revising second-quarter growth downward, to 3.5 percent to 4 percent, from a previous estimate of 4.5 percent. The New York Times
