National first-time unemployment insurance claims fell by 58,000 last week to a seasonally adjusted number of 346,000, a 14 percent drop compared to the prior week, according to the U.S. Department of Labor.

The four-week moving average fell by 10,000, to 380,500, compared to the previous week. The four-week average is considered a better barometer of the overall job market because it smooths out sometimes extreme week-to-week fluctuations.

The advance seasonally adjusted insured unemployment rate was 2.4 percent for the week ending June 28, an increase of 0.1 percent from the prior week's unrevised rate of 2.3 percent.