US deficit in trade on goods narrows by less than expected in May

America's shortfall on trade in goods with the rest of the world narrowed by less than anticipated last month.

According to the US Department of Labor, in seasonally adjusted terms, the trade deficit in goods and services shrank by 2.2% month-on-month to reach -$104.3bn.

Economists had penciled-in a deficit of -$101.7bn.

Goods exports grew by roughly 1.1% versus April to reach -$104.3bn while imports slipped by 0.1% on the month to -$280.9bn.