DEFICIT NARROWS: The U.S. trade deficit dipped to $48.7 billion in May, a drop of 3.8 percent from the May deficit of $50.6 billion.
EXPORTS AND IMPORTS: Exports rose 0.2 percent to $183.1 billion, the second highest level on record, with stronger sales to the 27-nation European Union and China. Imports fell 0.7 percent to $231.8 billion as the amount spent on imported oil dropped to the lowest level in 15 months.
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