U.S. trade deficit narrows in May to lowest level of the year

The news: The U.S. international trade deficit narrowed 1.3% in May to $85.5 billion, the Commerce Department said Thursday.

Economists surveyed by The Wall Street Journal had predicted the deficit would widen to a seasonally adjusted $84.9 billion. 

This is the smallest trade deficit since December’s $78.9 billion gap.

The…