Summary Box: Jobless claims drop slightly but level still signals weak labor market

JOBLESS CLAIMS: Applications for unemployment benefits fell by 14,000 last week to 460,000, still higher than economists had forecast.

MOVING AVERAGE: The four-week moving average for claims, which smooths out volatility, rose to 456,500 compared to 454,250 last week. That level is little changed since the beginning of this year.

OUTLOOK: Economists say unemployment, which now stands at 9.9 percent, will remain stubbornly high for the rest of this year because the economy will not be recovering fast enough to generate stronger job growth.