Initial Jobless Claims Back Below 400K

Initial jobless claims came in below the forecast of 405K this morning, and the reading is back below 400K at 391K on a seasonally adjusted basis.  On a non-seasonally adjusted basis, initial claims showed an even larger drop to 384K.  Last month, the economic naysayers were trying to argue that the non-seasonally adjusted claims figures were a red flag.  At the time, we highlighted the major flaw in their argument and pointed out that the trends in non-seasonally adjusted numbers were actually just as positive.  With both numbers now below 400K, and the non-seasonally adjusted number below the seasonally adjusted number, what will be their next scare tactic? 

The four-week moving average of initial jobless claims was even more encouraging.  At a level of 402K, the four week average is now at its lowest level since July 2008.

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