Jobless Claims Plunge; Happy Days Are Here Again -- February 18, 2016

From Bloomberg:

Initial jobless claims dropped by 7,000 to 262,000 in the week ended February 13, 2016, the lowest since November 21, 2015, a report from the Labor Department showed on Thursday.  

Bloomberg notes how wonderful this is:

The labor market has exhibited persistent strength despite softer foreign sales, a sign domestic demand is helping the U.S. weather a global slowdown. More hiring and fewer firings that lead to enhanced feelings of job security have the potential to encourage an acceleration in consumer spending.

We'll get a different number next week:

The median forecast in a Bloomberg survey called for 275,000 claims after 269,000 a week earlier. Estimates ranged from 255,000 to 285,000.

While there was nothing unusual in the data, claims were estimated for Pennsylvania, Virginia and Puerto Rico, according to the Labor Department.

An agency spokesman said officials in Pennsylvania had issues with their computer system that tabulates the number of applications, while Virginia was delayed in submitting its claims. On an unadjusted basis, Pennsylvania’s filings fell an estimated 3,899 last week, the largest drop of any state or territory.

Virginia was delayed, but without explanation. 

And more:

The four-week average of claims, a less volatile measure than the weekly figures, decreased to 273,250, the lowest since Dec. 19, from 281,250. The latest figure compares with an average of 285,250 during the comparable employment survey period for January. 

Let's bury this:

The economy added 151,000 workers in January, the fewest in four months.