Historic Surge in Job Cuts

The United States witnessed a dramatic increase in job cuts in March, with numbers reaching 275,240. This marks the third-highest monthly total ever recorded, trailing only behind the figures from April and May of 2020. According to Challenger, Gray & Christmas Inc., this represents a 60% month-on-month and a staggering 205% year-on-year increase.

Government Positions Hit Hardest

Of the total job cuts, a overwhelming majority—216,215—were in government positions. The retail and financial sectors followed, with 57,804 and 15,982 cuts respectively. The report highlights a concerning trend, with the government sector announcing 279,445 cuts so far this year, a 672% increase from the first quarter of 2024.

Behind the Numbers

"Last month's job cut announcements were largely influenced by the Department of Government Efficiency's (DOGE) plans to reduce federal government positions. Absent this, March would have seen relatively few layoffs," remarked Andrew Challenger, the company's Senior Vice President.