News Summary: US trade deficit widened in April

DEFICT WIDENS: The U.S. trade deficit rose 8.5 percent in April from March to $40.3 billion, as demand for foreign cars, cell phones and other imported goods outpaced growth in U.S. exports.

EXPORTS, IMPORTS UP: Exports increased 1.2 percent to $187.4 billion. American companies sold more telecommunications equipment, autos and industrial machinery. Imports rose an even larger 2.4 percent to $227.7 billion.

OUTLOOK: A weaker global economy is reducing demand for U.S. exports and that could weigh on growth this year.