US exports hit a record high in July

US exports hit a record high in July, pushing the country's trade deficit down to its lowest level in three months, official figures have shown. Led by strong overseas sales of manufactured goods, US exports rose 3.8% to $178bn (£111bn), said the Commerce Department. At the same time, imports fell 0.2% to $222.8bn, helped by a fall in the price of oil reducing the cost of the US's crude imports. The trade gap fell 13.1% to $44.8bn. The figures will be welcome news for President Barack Obama, who is set to give a job creation speech later. Official figures last week showed that no new jobs were created in the US in August, leaving the unemployment rate at 9.1%.