Hope that the U.S. recovery is about to start creating jobs got a boost from some new data released today, showing that jobless claims fell below 400,000 last week.

This is the first time since the middle of February that weekly jobless claims have fallen below the 400,000 level. The number came in at 386,000, well below consensus expectations of 414,000. RBC Financial notes that continuing unemployment claims also fell to their lowest reading since mid-April.

“U.S. labour markets are shedding renewed signs of encouragement but prudence cautions against going too far in interpreting the meaning of today’s new data,” it says.

“What makes this report difficult to get too excited about is the caveat tossed in by the Department of Labour to the effect that they are unsure as to whether or not seasonal adjustments are accurate in light of auto plant shutdowns in the month of July.”