Layoffs announced by US employers rose 245% last month to 172,017 — the highest level since July 2020, according to outplacement firm Challenger, Gray & Christmas. It’s the largest February total since the global financial crisis of 2009.
Federal job cuts, mostly directed by DOGE, were behind more than a third of the total. The firm said that federal agencies laid off more than 62,000 workers across 17 agencies in February, an astronomical increase of 41,311%. Thousands of more federal job cuts are still expected in the coming months.
Analysts don’t expect DOGE-ordered layoffs to show up in the Labor Department’s jobs report until early April.