American companies announced job cuts of 172,017 in February, according to recruiting firm Challenger, Gray & Christmas.
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How has the indicator changed?
The indicator has doubled in annual terms and became a record since July 2020, and for this month the indicator updated the maximum since 2009.
Some of the steepest layoffs last month came in the public sector, driven by the U.S. Department of Government Efficiency (DOGE). Federal agencies laid off more than 62,000 people.
“Private companies announced layoffs of thousands of workers last month, particularly in the retail and technology sectors,” said Andrew Challenger, senior vice president at Challenger, Gray & Christmas. “DOGE measures, government contract cancellations, trade war fears, and corporate bankruptcies also contributed to the increase in layoffs.”
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- US Labor Market