First-time jobless claims drop slightly

The number of newly laid-off workers requesting jobless benefits in the U.S. fell slightly last week for the third straight time. But initial claims remain above levels that would signal net job gains.

New claims for unemployment insurance fell 5,000 to a seasonally adjusted 457,000, the Labor Department said Thursday. That nearly matched analysts' estimates of 455,000, according to Thomson Reuters.

The four-week average of jobless claims, which smooths out volatility, dropped to 471,250. Still, the average has risen by 30,000 since the start of this year. That's raised concerns among economists that persistent unemployment could weaken the recovery.

…