Canada's trade deficit with the world widened to $2.7 billion in July from $1.8 billion the previous month, Statistics Canada reports.

The number of Americans signing up for unemployment benefits dropped to the lowest level in two months, an encouraging sign that companies aren't resorting to deeper layoffs even as the economy has lost momentum.

Canada has dropped one place to 10th in an annual listing of competitive economies compiled by the Geneva-based World Economic Forum.