U.S. Trade Deficit Jumped in May

The Associated Press reports:

The trade deficit in the United States surged in May to the highest level in more than two and a half years, driven upward by a big increase in oil imports.

The Commerce Department said the deficit increased 15.1 percent to $50.2 billion in May. That’s the largest imbalance since October 2008.

Exports declined 0.5 percent to $174.9 billion. Imports rose 2.6 percent to $225.1 billion. Oil prices have fallen since early May, so the effect of higher prices should ease some in the coming months.