The U.S. monthly trade deficit unexpectedly shrank in May to -$59.8 billion, with April's deficit figure downwardly revised to -$60.5 billion from a previously reported -$60.9 billion, the U.S. Census Bureau reported Friday.
Economists had been expecting a deficit of $62.5 billion, with expectations ranging from -$65.0 billion to -$59.5 billion.
Prior to the release, economists from Capital Economics said the growing trade deficits in recent months have primarily been driven by soaring oil prices, which they say could have a "profound" impact on the trade deficit over the next several months as well.
By Stephen Huebl