The Trump administration announced plans to sharply limit visas for skilled workers.

'These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed.'

The Labor Department numbers, released on Friday, showed an 8.4 unemployment rate, down from 10.2 percent in July.

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.