A report released by the Commerce Department on Thursday showed the U.S. trade deficit narrowed much more than expected in the month of August.
The Commerce Department said the trade deficit shrank to $58.3 billion in August from a revised $64.7 billion in July.
Economists had expected the trade deficit to decrease to $62.3 billion from the $65.0 billion originally reported for the previous month.
The narrower than expected trade deficit came as the value of exports jumped by 1.6 percent to $256.0 billion, while the value of imports fell by 0.7 percent to $314.3 billion.
