WASHINGTON — The U.S. trade deficit edged up in June as imports rose for the first time in 11 months and exports rose for the second straight month, confirming that the global recession is easing its grip.

The first back-to-back gains for exports in a year were especially good news for America's manufacturing sector. Those companies benefited from higher shipments of semiconductors, aircraft and telecommunications equipment.

The Commerce Department said yesterday the deficit rose 4 percent to $27 billion, from May's $26 billion. The May imbalance had been the lowest deficit in nearly a decade.

The gains in exports, and an even larger increase in imports, contributed to signs the recession is ending.

MACY'S INC. PROFIT OUTLOOK IMPROVES AFTER SOLID QUARTER

NEW YORK — Macy's Inc. boosted its profit outlook after reporting that its second-quarter earnings beat expectations because it benefited from efforts to streamline its structure.

Macy's earned $7 million, or 2 cents per share, in the quarter that ended Aug. 1. That compares with $73 million, or 17 cents per share, in the same period last year.

Excluding restructuring charges related to division consolidations and its efforts to tailor merchandise to local markets, the company earned 20 cents per share, exceeding the profit of 15 cents per share that analysts surveyed by Thomson Reuters forecast on average.

U.S., SWITZERLAND REACH DEAL ON SUSPECTED TAX DODGERS

MIAMI — The Swiss and U.S. governments announced a deal yesterday to settle American demands for the identities of suspected tax dodgers, despite Switzerland's vaunted bank secrecy. But they kept all details under wraps, including how many of the 52,000 names sought by the IRS from banking giant UBS AG will be revealed.

Depending on the scale of the deal, it could be a new blow to Switzerland's reputation as a safe place to hide assets from the tax man back home.

Switzerland has long been under pressure from European neighbors and the U.S. to open its bank records for foreign tax authorities.