The U.S. goods trade deficit widened sharply in July as imports of oil and industrial supplies soared, signaling firm domestic demand in an economy where manufacturers and consumers appear to be drawing heavily on fuel, chemicals, and raw materials to keep activity humming.
The trade gap in goods jumped 22 percent to $103.6 billion from $84.9 billion in June, the Commerce Department reported on Aug. 29. Economists polled by Reuters had expected the deficit to reach $89.5 billion, making the blowout a major upside surprise.
