Trade Deficit Goes Down

Who says the U.S. doesn’t make anything the world wants anymore? On Thursday, the Commerce Department reported the U.S. sent a record $185 billion in goods and services abroad in June. The trade data represents good news on several fronts. Imports fell in part because of a decline in the value of oil-related stuff we brought in from overseas. (Translation: thanks to lower oil prices, Americans had to spend less cash on overseas oil.) Despite slower growth abroad, foreigners still have a healthy appetite for stuff that’s made in America. And the smaller trade deficit indicates the pace of economic growth is picking up.