US Job Cuts Skyrocket in February

The United States witnessed a significant surge in job cuts this February, with numbers reaching 172,017, the highest since July 2020, according to a report by Challenger, Gray & Christmas Inc. This represents a staggering 246% increase from the previous month and a 103.2% rise compared to the same period last year.

Sectors Most Affected

Government positions led the layoffs with 62,242 job cuts, followed closely by the retail sector at 38,956 and the technology sector at 14,554. The report also highlighted that the government's plans to further reduce employment in federal agencies are currently stalled in courts, awaiting resolution.

Impact of DOGE and Other Factors

Andrew Challenger, Senior Vice President at the firm, pointed out that the actions of the Department of Government Efficiency (DOGE), along with canceled government contracts, fears of trade wars, and bankruptcies, have significantly contributed to the surge in job cuts last month.