US Job Cuts Skyrocket in March

In a startling development, job cuts in the United States surged to 275,240 in March, marking 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% increase from the previous month and a staggering 205% rise compared to the same period last year.

Sector-Specific Impacts

The majority of these cuts, a whopping 216,215, were in government positions, with retail and financial sectors following at 57,804 and 15,982, respectively. The report highlights a dramatic 672% increase in government job cuts this year, totaling 279,445, up from 36,195 in the first quarter of 2024.

Behind the Numbers

"Last month's job cut announcements were largely driven by the Department of Government Efficiency's plans to eliminate federal government positions. Without these, March would have seen relatively fewer layoffs," explained Andrew Challenger, the company's Senior Vice President.