US March job cuts up 60% to highest since May 2020 - Breaking The News

US March job cuts up 60% to highest since May 2020

3 April

1 min read

EPA / JUSTIN LANE

Job cuts in the United States came in at 275,240 in March, the third-highest monthly total ever recorded after April and May of 2020, Challenger, Gray & Christmas Inc. said in its report published on Thursday. The figure soared by 60% month-on-month and 205% year-on-year.

Most of those – 216,215 – were announced in government positions, followed by retail at 57,804 and financial at 15,982. Challenger noted that so far this year, the government has cut 279,445, an increase of 672% from the 36,195 cuts announced in the first quarter of 2024.

"Job cut announcements were dominated last month by Department of Government Efficiency [DOGE] plans to eliminate positions in the federal government. It would have otherwise been a fairly quiet month for layoffs," the company's Senior Vice President Andrew Challenger noted.

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