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Jobless Claims Drop More Than Expected

Initial jobless claims for the latest week were lower than expected (323K vs 330K) and came within 1K of the post recession low of 322K hit in early August.  With this week's reading, jobless claims have now been under 350K for eight straight weeks.

The fact that jobless claims have been settling at a new lower range is evident in the four-week moving average of claims.  With this week's drop in claims, the four-week moving average is now down to 328.5K, which is the lowest level since October 2007.

On a non-seasonally adjusted basis (NSA), initial claims fell by nearly 10K to 268.8K.  This is the lowest weekly reading in this indicator since September 2007.  For the current week of the year, this week's reading was also well below the historical average of 319K going back to 2000.

Click here to read CNBC.com's recent article on Bespoke Investment Group.