The old arms were better; you just needed to deexaggerate them. Now he looks like he's punching the air.
If it helps, go outside and actually run a block yourself. Observe the way your arms move in relation to your legs. If you're casually jogging, your arms shouldn't rise above your head or even straighten the way your sprite is running, unless you're doing a gymnastics exercise

Also, I liked that little swing his bag had in the original version, although it looks pretty lightweight so it could fly further out behind him as well.