First-time applications for jobless aid dropped to 391,000 in the week ended Feb. 19, down from 413,000 a week earlier.
The four-week moving average of claims, which smooths out volatility, dropped to 402,000, the lowest since mid-2008, before the financial crisis took a turn for the worse.
Claims have been bouncing around 400,000 for several weeks, having retreated sharply from peaks above 650,000 seen in early 2009.
The number of Americans remaining on the jobless rolls after the initial week of benefits declined by 145,000 to 3.79 million. The total number of overall benefit recipients, including those receiving assistance under an emergency federal program, edged down in the latest week but remained around 9.2 million.
However with oil prices up sharply, I don't expect the good news to last. In worse news, capital goods took a nosedive too. Deflation at the high end of prices, inflation at the low end, not a good sign at all.
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