Overview:  The U.S. trade deficit widened 15.1% to $50.2 billion in May.  Industrial production was up 0.2% in June.  Retail sales edged up 0.1% in June.  The topline CPI fell 0.2%; the core CPI rose 0.3%.  The topline PPI fell 0.4%; the core PPI rose 0.3%.  The U.S. Treasury reported a deficit of $43.1 billion in July.  Business inventories increased 1.0% in May. Initial jobless claims fell 22,000 to a level of 405,000 for the week ended 7/9.

• The U.S. trade deficit widened by a significantly larger than expected 15.1% ($6.6 billion) to $50.2 billion in May.  Oil imports contributed to the rise, which marks a 31-month high in the trade imbalance.  Exports fell 0.5% to $174.9 billion while imports increased 2.6% to $225.1 billion.  To-date, the 2011 deficit is up 12.6% over 2010.
• Industrial production edged up 0.2% in June.
• Retail sales edged up 0.1% in June; excluding autos, sales were unchanged.  
• The topline consumer price index fell 0.2% in June while the core CPI rose 0.3%. 
• The topline producer price index fell 0.4% in June while the core PPI rose 0.3%.
• The U.S. Treasury reported a deficit of $43.1 billion in July.
• Business inventories increased 1.0% in May.
• Initial jobless claims fell 22,000 to 405,000 for the week ended July 9^th.