the numbers the trade deficit in goods narrowed 6 in may due to lower oil prices and less demand among consumers for imports perhaps a sign of a softer us economy the trade gap in goods declined to 911 billion from a sixmonth high of 971 billion in april the census bureau said the us trade deficit is still running higher in the second quarter compared to the first quarter however and is likely to be a drag on gross domestic product based on its current trajectory gdp is the official scorecard for the economy an advanced estimate of wholesale inventories meanwhile showed a 01 drop in may retail inventories jumped 08 in the month according to an early estimate key details exports of usmade goods slipped 06 to 1628 billion in may us companies shipped less food and oil imports of goods fell a steeper 27 to 254 billion in may that’s the smallest reading in six months big picture the recent weakness in imports reflects less demand among americans for goods in general they are spending more on services such travel and recreation it could also be a sign of emerging weakness in the economy the growth in inventories has also been slowing and that’s usually a sign of softness in the economy as well businesses cut back on production when they expect slower sales trade and inventories have had an outsize impact on gdp over the past year and it could happen again in the second quarter most forecasts put us growth at a range of 1 to 2 market reaction the dow jones industrial average djia and sp 500 spx were set to open lower in thursday trades