WASHINGTON (dpa-AFX) - With the value of imports spiking, the Commerce Department released a report on Thursday showing the U.S. trade deficit widened more than expected in the month of July.
The Commerce Department the trade deficit shot up to $78.3 billion in July from a revised $59.6 billion in June. Economists had expected the trade deficit to increase to $75.7 billion from the $60.2 billion originally reported for the previous month.
The wider trade deficit came as the value of imports surged by 5.9 percent to $358.8 billion, while the exports rose by 0.3 percent to $280.5 billion.
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