Weekly jobless claims continue to drop even as virus numbers spike

First-time unemployment claims in the U.S. continued to decline last week, down to 709,000, the Labor Department reported Thursday.

The number is the lowest prior to the March start of the global coronavirus pandemic and ensuing economic downturn that cost millions of Americans their jobs. 

The weekly figure was lower than the 740,000 that Wall Street economists forecast, though the figure remains historically high. Though the number is declining, more than 21 million Americans are still collecting unemployment benefits each week.

With the Senate back in session this week, recently reelected Majority Leader Mitch McConnell has said he will be turning his caucus's attention to another coronavirus stimulus package, to help with the economic recovery.

The non-farm payroll report for October was significantly better than anticipated, illustrating a jobs increase of 638,000 last month. Thee unemployment rate has decreased by more than half since its high of 14.7% during the height of the economic tumult brought on by the pandemic.