The actions taken by Elon Musk's Department of Government Efficiency have resulted in a catastrophic rise in layoffs across various sectors in the U.S., with a remarkable increase of 245% in layoff announcements in February, reaching over 172,000. This spike marks the highest number of layoffs for February since 2009 during the financial crisis, with government job cuts alone rising by 41,311% year-over-year. Major impacts were noted in the retail and technology sectors. Interestingly, while layoffs increased, hiring plans also saw a significant upswing, indicating a complex labor market dynamic.
So far this year, companies plan to hire 40,669 workers, an increase of 159% from the 15,693 hiring plans announced during the same period last year.
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.
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