Summary Box: First-time jobless claims drop for third time in four weeks, but remain elevated

Summary Box: Initial jobless claims drop

JOBLESS CLAIMS DROP: New requests for unemployment benefits dropped last week by 11,000 to 457,000, the third drop in four weeks.

MOVING SIDEWAYS: Even with the recent declines, first-time claims remain stuck above 450,000, where they have been for most of this year. Claims fell steadily last year from a peak of 651,000 reached in March 2009.

WEAK HIRING: Thursday’s figure suggests employers are hiring, but at a slow pace. Some economists forecast that private companies added about 100,000 net new jobs in July. That’s slightly more than in June but not enough to bring down the unemployment rate.