The United States’ national trade deficit shrank to the lowest level since the 2016 presidential election in recent months, with new statistics showing the export-import ratio dropped by a whopping 6.6% from April.
According to CNBC, the data released by the Commerce Department revealed the US trade deficit shrank to $43.1 billion in the month of May, the lowest levels seen since October 2016.
“May exports rose by 1.9 percent from the previous month to $215.3 billion, while imports increased by 0.4 percent to $258.4 billion,” writes CNBC. “The trade deficit is at its lowest level since October 2016, a month before the presidential election.”
The strong economic data comes on the same day as another government report showed a record number of Americans taking part in the US labor force; smashing estimates and prompting economists to raise doubts of a possible “labor shortage” in the coming months.
Read the full report at CNBC.