CNBC's Steve Liesman attributes significant job losses in February to actions by President Trump and Elon Musk, highlighting a 245% increase in announced layoffs compared to January. The report shows 172,000 job cuts announced, the highest since July 2020, due to a combination of reduced federal workforce, private company layoffs, and fears of a weakened economy impacted by trade policies. Challenger, Gray & Christmas noted that job cuts are particularly acute in the Retail and Technology sectors, presenting a multifaceted challenge in the job market.
In February, announced layoffs surged 245% to the highest level since the pandemic, primarily driven by the Trump administration's actions aimed at reducing the federal workforce.
According to Andrew Challenger, the announced layoffs in February rose to 172,000 from 49,000 in January, marking the highest monthly number since July 2020.
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