US trade deficit grew slightly to $42B in July
AP Economics Writer (AP) -- The U.S. trade deficit grew slightly in July as exports fell at a slightly faster pace than imports.
The Commerce Department says the trade deficit widened to $42 billion, 0.2 percent higher than June's imbalance of $41.9 billion.
U.S. exports fell 1 percent to $183.3 billion, lowered by weaker sales of autos, telecommunications equipment and heavy machinery. Imports declined 0.8 percent to $225.3 billion -- oil imports fell 6.5 percent.
The trade gap with Europe rose to the highest level since October 2007. Exports to Europe fell 11.7 percent as recessions in the region cut into demand.
Exports to China rose 0.4 percent.