Number of New Jobless Claims Edges Down

The unemployment line: not as long as you expected! Photo: Tom Pennington/Getty Images

According to a new report from the Department of Labor, only 473,000 people filed for unemployment last week — that's 31,000 less than the previous week, a much steeper drop than people expected. But don't go around pretending that it's actually good news: The four-week average is still the worst we've seen in the past year. [NYT]