US trade deficit drops to a six-year low point
Washington — The US trade deficit is improving somewhat. The Commerce Department reported that a decline in oil imports dropped the deficit last month to $321.7 million, the lowest in more than six years.
It said the value of overall imports fell 14.5 percent to the lowest level since July 1979, a result of oil import declines and lagging demand for other imported products.
At the same time, an administration official said there are signs of fundamental improvement in the economy, though liberal economists expressed skepticism.