US job cuts surged in February 2024, reaching 172,017, the highest since July 2020, as the Department of Government Efficiency (DOGE) led the way with substantial layoffs across 17 agencies. The job cuts represented a staggering 245% increase from the previous year. The impact is felt in varied sectors, particularly retail, which announced 38,956 cuts, and technology with 14,554 layoffs. The broader economic implications are being analyzed, especially regarding Friday's jobs report amidst ongoing fears of trade wars and potential further layoffs totaling up to 300,000 jobs.
With the impact of the Department of Government Efficiency [DOGE] actions, as well as canceled Government contracts, fear of trade wars, and bankruptcies, job cuts soared in February.
Challenger tracked 62,242 job cuts announced by the federal government last month across 17 different agencies. That's a more than increase from the 151 government job cuts announced in February 2024.
Monthly job cut announcements in the US surged to their highest level since the COVID-19 pandemic last month, according to data from Challenger, Gray & Christmas.
The layoffs may keep mounting. Estimates on Wall Street suggest DOGE could cut as many as 300,000 jobs.
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