Record High Job Cuts in the US

In a startling revelation, the United States experienced a significant surge in job cuts, reaching 172,017 in February. This marks the highest level since July 2020, as reported by Challenger, Gray & Christmas Inc. on Thursday. The figures represent a 246% increase from the previous month and a 103.2% rise compared to the same period last year.

Sector-wise Breakdown

The majority of these job cuts were seen in government positions, totaling 62,242, followed closely by the retail sector with 38,956 cuts and the technology sector with 14,554. The report also highlighted that the government's plans to further reduce employment in federal agencies are currently stalled in courts, awaiting a resolution.

Impact of DOGE and Other Factors

Andrew Challenger, the company's Senior Vice President, pointed out that private companies announced plans to eliminate thousands of jobs last month, particularly in retail and technology. The actions of the Department of Government Efficiency (DOGE), along with canceled government contracts, fears of trade wars, and bankruptcies, have all contributed to the sharp increase in job cuts in February.