Summary Box: Jobless claims drop and trade gap narrows, easing recession fears

Summary Box: Jobless claims drop, trade gap falls

JOBLESS CLAIMS: The number of people signing up for unemployment benefits dropped by 27,000 last week to 451,000, the lowest level in two months.

TRADE DEFICIT: The U.S. trade deficit narrowed significantly in July, falling 14 percent to $42.8 billion, as imports declined and sales of American exports jumped to the highest level in nearly two years.

OUTLOOK: The better-than-expected reports on jobless claims and trade eased summertime fears that the country could be on the brink of toppling into a new recession.