Weekly Jobless claims turning a corner and drop below 400K

Jobless claims data are finally turning the corner and falling below the psychologically important 400K.  Initial claims for the Feb 19 week fell 22K to 391K.  The 4 week average shows considerable improvement, falling a sizable 16.5K 402K for a nearly 30K decline from the month-ago level.

Continuing claims also fell significantly, down 145K in data for the February 12 week to 3.790 million. The four-week average is down 55K to 3.893 MM for an 87K improvement MOM.  Via DOL:
In the week ending Feb. 19, the advance figure for seasonally adjusted initial claims was 391,000, a decrease of 22,000 from the previous week's revised figure of 413,000. The 4-week moving average was 402,000, a decrease of 16,500 from the previous week's revised average of 418,500.

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