Jobless Claims Drop Sharply 27,500, to 451,000

Initial jobless claims fell 27,000 to 451,000 in the week ending Sept. 4. The revised figure for the previous week was 478,000. That's the lowest level in two months.

The four-week moving average, a clearer measure of unemployment trends, fell 9,250 to 477,750, the Department of Labor said. The revised average for the previous week was 487,000.