More than 275,000 layoffs were announced last month, reaching a level not seen since the pandemic, according to a new report published Thursday.
The biggest culprit was one particular employer: The federal government.
The government announced plans to axe 216,215 jobs, accounting for nearly 80% of the 275,240 layoffs announcements made by US employers in March, according to Challenger Gray & Christmas’ latest report. It’s the third-highest monthly total behind April 2020 (671,129) and May 2020 (397,016).
The Department of Government Efficiency has run roughshod on the federal government, slashing funding, scrapping contracts and laying off droves of federal workers.
Of the remaining 59,025 cuts announced outside of the federal government, the biggest share was in technology and retail, according to the report.
The March announcements mark a stark 60% jump from February, which saw a spike of its own, and they’re up 205% from the 90,309 cuts announced in March 2024.
The DOGE-driven job cuts aren’t expected to hit the labor market data and the economy in one fell swoop. While some federal employees have been laid off immediately, others are serving out a paid notice period where they essentially quit but won’t be unemployed weeks or even months from now.
Still, DOGE’s drastic cutbacks are expected to heavily reverberate throughout local communities and the economy as a whole.
