The US goods trade deficit narrowed 4.2% to $101.5 billion in June, but the improvement is still expected to subtract around one percentage point from second-quarter GDP growth. Goods imports fell $8.2 billion to $306.2 billion, led by a 3.8% drop in consumer goods, while exports declined $3.8 billion to a five-month low of $204.7 billion, dragged down by a 4.4% tumble in industrial supplies. The three-month average deficit through June remained wider than the first-quarter average, and trade has now subtracted from GDP for two straight quarters. Wholesale inventories rose 0.3% in June, while retail inventories excluding motor vehicles and parts fell 0.2%, a component that feeds into GDP calculations.