Imports of goods fell $1.5 billion to $279.7 billion
. They were pulled down by imports of motor vehicles and food. But imports of consumer and capital goods increased strongly.
Trade has subtracted from GDP for seven straight quarters. The Commerce Department also reported that wholesale inventories increased 1.9% in June, while stocks at retailers rose 2.0%. Economic activity is cooling as the Federal Reserve aggressively tightens monetary policy to tame inflation. The U.S. central bank is expected to raise its policy rate by another 75 basis points later on Wednesday, which would bring the total interest rate hikes since March to 225 basis points.
These so-called core capital goods orders increased 0.5% in May. Economists polled by Reuters had forecast core capital goods orders would gain 0.2%. Orders increased 10.1% on a year-on-year basis in June.
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