Seasonally adjusted jobless claims fell last week by 27,000—the biggest weekly drop in nearly two months and quite a bit more than the 2,000 retreat that economists generally were expecting. The news is a breath of fresh air for the business cycle, although it comes with some caveats. Nonetheless, the headline trend for the moment looks quite a bit better today: new filings for unemployment benefits dropped to 451,000 for the week through September 4, the lowest since early July.