U.S. trade deficit jumps as imports soar

The nation's trade deficit soared to $32.0 billion in July, the U.S. Commerce Department announced Thursday, but the rise was propelled by a sharp increase in imports, which suggests domestic demand -- tepid for so long during the recession -- is starting to recover, a good sign for the U.S. economy.

Further, it was the highest deficit since January and the largest one-month increase since February 1999. Economists surveyed by Bloomberg News had expected the trade deficit to total $26.0 billion in July. The trade deficit totaled a revised $27.5 billion in June.