The job market remains difficult as employers have pulled back from adding workers due to the European debt crisis and a stalemate in the U.S. over tax and spending policies. The unemployment rate ticked up to 8.3% in July. On an underlying basis, growth in both imports and exports has cooled significantly, which is hardly surprising given the state of the global economy.

Nevertheless, the data should be a boost for estimates of second-quarter growth in U.S. gross domestic product. The government only included a small narrowing of the trade gap in this estimate; the next estimate of GDP is due Aug. 29.

Meanwhile, U.S. imports fell 1.5% to $227.9 billion in June. All major categories declined except for automobiles; the biggest came in imports of industrial supplies and capital goods. Falling imports should be regarded as a worrisome signal about U.S. domestic demand.

The lion�s share of the improvement was due to a sharp decline in the cost of imported oil.

The petroleum deficit narrowed 9.1% in June to $22.5 billion, the lowest level since November 2010.

The value of U.S. crude-oil imports fell to $26.4 billion in June from $29.3 billion in May, as the price of a barrel of oil dropped to $100 from $108. The quantity of crude imports fell to 8.78 million barrels.

Despite the improvement in the overall trade gap, the U.S. trade deficit with China widened to $27.4 billion in June, up from $26.6 billion in the same month last year and $26.0 billion in May 2012.

As for the troubled euro area, the U.S. trade deficit narrowed to $7 billion from $8.7 billion in the same month last year. Year-to-date exports to the region were $100 billion, up only 2.8% from the same period last year.

The government said that wholesales prices firmed a bit in June on stronger food and auto prices

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