The Job Market in the US Bounced Back in April After a Recent Slowdown

4.7%   

According to U.S. Bureau of Labor Statistics, the unemployment rate for Black Americans in April 2023 reached a record high of 4.7%, which is substantially higher than the overall rate of 3.5% and almost double the rate for white Americans. The report identifies several factors responsible for this disparity, including job market discrimination, insufficient access to quality education and training, and the persistent impact of the COVID-19 pandemic. 

253,000 

The job market in the United States bounced back in April after a recent slowdown in hiring. Employers added 253,000 jobs in April, which was better than expected while the unemployment rate fell to 3.4%. The leisure and hospitality industry saw the most job gains, while other sectors such as education and health services also saw growth. 

9,000 

Amazon has laid off 9,000 employees in its HR department and AWS cloud unit in April 2023 as part of a broader effort to streamline operations and reduce costs. This move comes on top of the 18,000 job cuts that took place earlier this year.  Despite the job cuts, the company is still planning to hire tens of thousands of employees globally. The company is expanding into new areas and automating its operations to drive future growth. 

20% 

Shopify, an e-commerce company, reported first-quarter revenue above estimates in May 2023, despite laying off about 20% of its global workforce. The company's revenue rose by 110% year-over-year to $1.2 billion, beating analysts' expectations. The layoffs were part of a restructuring effort aimed at improving efficiency and profitability, and the company remains optimistic about its future growth. 

50%  

RapidAPI, a San Francisco-based startup laid off 50% of its staff in April 2023, despite being valued at $1 billion just a year ago. The startup provides a platform for APIs, and the layoffs were attributed to a shift in the company's strategic priorities. RapidAPI's CEO stated that the company is now focused on profitability and sustainability, rather than just growth.