The August figures marked the fourth straight month of both increasing jobs and dropping unemployment, according to Bloomberg.

News of the weekly jobless claims follows June jobs report numbers showing that the U.S. added 4.8 million jobs in June.

'Q2 was supposed to be disastrous on the jobs front, but recovery happening most faster than expected.'

There are approximately 19.5 million Americans receiving unemployment payments, which is down 767,000 from the previous week.

Oil and gas super producer BP will lay off 10,000 employees amid the economic downturn caused by the coronavirus, the company has said.

The stock market surged Friday after news that the economy added 2.5 million jobs in May, which shattered expectations from economists.

The accelerating layoffs have led many economists to envision as many as 20 million people will lose their jobs by the end of April.

The Trump economy is giving the greatest benefits to those who have been at the bottom, according to new data from the Council of Economic Advisers.

The state of the job market has become a pivotal division between President Donald Trump and his 2020 Democratic challengers.

The number of available jobs jumped in October after hitting an 18-month low the previous month, a sign the job market remains strong.