Resilient U.S. Economy Added 253,000 Jobs in April, Caution with Large 235,000 Downward Revisions

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    April layoffs: Companies making cuts

    By Melissa Cantor, Editor at LinkedIn News

    Mass layoffs have continued to take their toll across industries in 2023, with the number of job cuts in tech up 38,487% from one year ago and workforce reductions by finance companies up 419%, CNBC reports. At the same time, the number of job openings has continued to slip, falling to 9.9 million in February. It’s the first time vacancies have dipped below 10 million since May 2021, a sign that the tightest labor market in decades is loosening.

    OpenDoor has felt the hit as new real estate listings have dipped by more than 30% and the housing market writ large has cooled. The online real estate firm said it is laying off 22% of its workforce, amounting to 560 jobs. The cuts follow a previous round of layoffs in November, during which 550 employees were let go.
    Ernst & Young is eliminating 3,000 positions in the U.S. — about 5% of its American workforce — as it addresses “overcapacity” in parts of the company.
    David’s Bridal will let go of 9,236 employees nationwide, the retailer said in a filing with the Pennsylvania Department of Labor. The company, which is seeking a buyer, has an estimated 10,000 workers and 300 stores.
    Best Buy “consultants,” the company’s name for retail workers who specialize in complex products such as computers and smartphones, are on the receiving end of hundreds of job cuts as the electronics chain prioritizes e-commerce over sales at its roughly 900 stores.
    Calibrate Health, a weight-loss telehealth startup, cut about 100 roles or 18% of its workforce amid a strategic pivot, Bloomberg reports.
    Marketing firm Acxiom confirmed “a reduction of some roles” at the company but declined to disclose how many employees were affected.
    Reforge CEO Brian Balfour wrote on LinkedIn that the company was parting ways with some employees as part of a “strategic shift.”
    Pear Therapeutics has filed for Chapter 11 bankruptcy protection and terminated 170 employees, or 92% of its staff.
    Workit Health, which provides virtual treatment for substance abuse disorders, cut 100 jobs in anticipation of new requirements to provide services for opioid abuse disorder in person.
    Foundation Medicine, a biotech firm developing genomic testing for cancer, has let go of 175 employees.
    Insurer Boost has reduced its workforce by 20%.
    View, a maker of smart glass, laid off 170 people, or nearly quarter of its staff, as it continues to seek a financial lifeline.
    Seattle startup Textio has cut 30 people from its staff.
    Approximately 350 people were laid off as part of Homepoint’s exit from the mortgage origination business.
    LinkedIn members are posting about layoffs at Clearlink and the Democratic fundraising organization ActBlue.
    Credit repair company Progrexion reportedly let go of “hundreds” of employees across multiple states.
    Amplitude has laid off 99 people, who represented 13% of the analytic firm’s global staff.
    LinkedIn members are posting about layoffs at Oracle NetSuite.
    Bankers have been bracing for layoffs resulting from UBS’ takeover of Credit Suisse. Anonymous reports in the European press now say the job cuts could affect as many as 36,000 workers, or 30% of the Swiss banks’ combined headcount. If true, the layoffs would be the largest in the last six months.
    More than 100 workers were let go from Amazon’s video games unit as part of ongoing layoffs at the company.
    Walmart is cutting more than 2,000 jobs across five U.S. warehouses as it moves toward a more centralized and automated distribution system for its e-commerce business.
    Apple, which has been much lauded for avoiding mass layoffs thus far, is cutting “a small number of roles” on its corporate retail teams, unnamed sources told Bloomberg.
    Virgin Orbit has filed for bankruptcy after failing to secure a funding lifeline. Around 90% of its staff, or approximately 700 people, were laid off, with the remaining 100 helping wind down operations.
    General Motors CFO Paul Jacobson hopes the company can avoid layoffs now that 5,000 salaried workers have accepted voluntary buyouts.
    Ohio-based software maker Hyland is laying off 1,000 employees, or 20% of its workforce.
    McDonald’s has shut its U.S. offices temporarily in order to implement layoffs that will reportedly affect at least hundreds of corporate employees.
    LendingTree is letting go of about 150 people, or about 30% of its workforce.


    Q1 productivity fell 2.7% in the preliminary reading (consensus -0.1%) following a revised 1.6% increase in the prior reading (from 1.7%).
    Q1 unit labor costs rose 6.3% in the preliminary reading (consensus 3.9%) following a revised 3.3% increase in the prior reading (from 3.2%).

    Weekly initial jobless claims totaled 242,000 (consensus 245,000) from a revised count of 229,000 (from 230,000) Continuing claims totaled 1.805 million from a prior revised 1..843 million (from 1.858 million).


    The U.S. labor market showed its resilience added more jobs than expected in April. There were 253,000 Nonfarm Payroll jobs added, ahead of the consen
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