Summary Box: Applications for unemployment aid fall, while economy slows

Summary Box: Jobless claims drop, as economy slows

JOBLESS CLAIMS DROP: Applications for jobless aid fell last week for the third time in four weeks. The decline to 453,000 is a sign layoffs are slowing, but claims need to fall below 400,000 to signal rapid hiring.

SLOW ECONOMY: The weak economy is discouraging companies from adding more jobs. The economy grew at a 1.7 percent annual rate in the April-June quarter, below the first quarter’s 3.7 percent rate.

MORE OF THE SAME: Economists expect growth to remain below 2 percent in the current quarter, and hiring isn’t likely to ramp up this month.