NEW YORK (CNN/Money) - The number of Americans filing for unemployment assistance for the first time fell by 15,000 last week, coming in below estimates, the government reported Thursday.

Initial claims for unemployment insurance dropped to 336,000 in the week ending June 12, according to the Department of Labor, which attributed some of the drop to federal offices being closed last Friday in memory of Ronald Reagan.

Last week's claims are down from a revised 351,000 the previous week and below economists' estimates of 340,000, according to Briefing.com.

The four-week moving average, which irons out weekly fluctuations, fell to 343,250, down from 346,000 the previous week. Continued claims, or those that have received assistance for at least one week, rose to 2.895 million in the week ending June 5, up from 2.864 million the previous week.

The producer price index for May was released at the same time as jobless claims. Following the reports, equity futures ticked lower while the 10-year Treasury held at a yield of 4.72 percent.

Both the bond and stock markets have reacted negatively to any signs of increased inflation amid concerns that the Federal Reserve will need to act aggressively to stem rising prices.