Afternoon Coffee: Trade Deficit Increases In June, Cargo Thefts Decline in Second Quarter

Coffee beans

The US trade deficit grew in June by 7% to reach $43.8 billion, the Commerce Department reported. Imports reached $232.4 billion, a jump of 1.2% and exports fell slightly to $188.6 billion from the $188.7 the month before.

The number of cargo thefts declined in the second quarter of the year, with 178 thefts and an average loss of $189,307 in goods reported. The volume of cargo thefts was also down 11% from the first quarter of the year.

General Motors is investing $877 million to improve its pickup truck factory in Flint, Michigan. The project is part of a broader effort by the automaker to upgrade 3 US truck plants.

The Institute for Supply Management non-manufacturing index rose to 60.3 in July, the highest level since August 2005. The reading was higher than the 56.2 economists predicted.

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