Unemployment Claims Decrease Slightly

First-time unemployment claims dropped last week but stayed near a 26-year high, the Labor Department said Thursday.

Initial jobless claims fell by 21,000 to 554,000 for the week ended Saturday, Labor said.

The level was slightly lower than analysts’ forecasts of 558,000 claims for the week, Bloomberg reported.

The four-week moving average, a less volatile measure, reached a 26-year high of 543,750, from 507,000.