The following statistics were released today on the state of the US economy:

In May, the U.S. trade gap shrank to $48.7 billion from a revised $50.6 billion in April, primarily on falling oil prices.

Wholesale inventories rose 0.3% in May, well above a -0.8% decline in sales at the wholesale level. The stock to sales ratio rose to 1.18.

MBA Purchase applications fell -2.1% in the latest week, with purchase apps rising 3.0% and re-finance apps falling -3.0%.

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Dale Franks
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