Jobless claims last week fell to 348,000, breaking the milestone of 350,000 that economists say means a recovery is around the corner.

Claims haven’t been this low since 2008.

Economists had predicted claims would rise to 365,000.

To temper this good news we remind you that the weekly claims data is affected by volatility, and it remains to be seen whether the four-week moving average will continue to fall (though it has been falling fairly steadily for some time).

Also, for the week ended Jan. 31, there were still 7.6 million people receiving unemployment benefits.