US Trade Deficit Worsens

The U.S. trade deficit got worse in July as the cost of imported oil rose.

Thursday's Commerce Department report says the gap between what Americans buy abroad and what they sell to foreigners grew almost six percent, to more than $62 billion for the month.

U.S. oil imports grew at the same time the price of oil hit a record high. The combination outweighed the impact of stronger U.S. exports, which grew to a record high.

A separate government report paints a downbeat picture of the U.S. labor market, with the number of people signing up for unemployment compensation remaining at a relatively high level of 445,000.

While the number of new jobless claims declined slightly by 6,000, it fell less than economists had predicted.