• From The BBC:

    The US saw its deficit narrow to $26bn (£16bn) in May, its lowest level in more than nine years, according to figures from the Commerce Department.Imports continued to fall while exports increased, pushing the deficit to its lowest level since November 1999. The deficit, the difference between what the US exports and imports, was 9.8% lower in May compared to April. The deficit in 2009 to date is running at a yearly rate of $350bn – around half what it was for the whole of 2008. “I think this was a very positive report and consistent with the idea that the US recession will come to an end in the next few months,” said Mark Zandi, economist for rating agency Moody’s. But separate figures on Friday showed consumers were increasingly negative in early July. Worries about a prolonged downturn and job security were key concerns hitting sentiment, the Reuters/University of Michigan survey suggested. The preliminary reading for July dropped to 64.6 from June’s final reading of 70.8. Few…

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    Posted by Jon @ 11:32 pm

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