Jobless claims came in lower than expected this week (323K vs. 335K) and fell to another post-recession low in the process. This represents the lowest level since 1/18/08. For the last several weeks, we have been highlighting the fact that jobless claims have been the one bright spot among the weaker than expected economic data recently, and with claims being one of the only indicators issued this week, the bulls are happy.
This week's decline also brought the four-week moving average down to 336.8K, which is also a post-recession low.
On a non-seasonally adjusted basis, first time claims were also impressive as they fell below 300K (298.5K) for the first time since September and were at their lowest level since 10/5/07. For the current week of the year, claims were also at their lowest level since 2007 and well below the historical average for this time of year (350.6K) going back to 2000.