WASHINGTON — The U.S. trade deficit unexpectedly widened to a seasonally adjusted $42.3 billion in May, the largest deficit since November 2008, as exports and imports rose to their highest levels in almost two years, the Commerce Department reported yesterday.

The value of imported goods and services expanded $5.5 billion to $194.5 billion, the largest gain since December 2009. Consumer goods increased $2.6 billion and capital goods imports rose $2.0 billion, both to the highest levels since September 2008.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.