The number of people filing new jobless claims fell a sharp 29,000 last week, a recent Labor Department report has shown.

New claims for state unemployment insurance benefits for the July 12 week dropped to 412,000 from a revised 441,000 in the prior week, the Department said. Analysts were expecting 425,000 new claims.

The four-week moving average also dropped, falling to 424,000 in the July 12 week from 427,500 the prior week.