The U.S. trade deficit fell in July to its lowest level in five months as exports rose, signaling underlying strength in the economy amid concerns about a global growth slowdown. The Commerce Department said on Thursday the trade gap narrowed 7.4 percent to $41.9 billion, the smallest since February. June's trade deficit was revised to $45.2 billion from the previously reported $43.8 billion. Economists had forecast the trade gap shrinking to $42.4 billion. When adjusted for inflation, the deficit fell to $56.2 billion in July from $59.0 billion in the prior month. The smaller deficit implied a modest contribution to ... (full story)