Kelsey Barberio brings you the biggest news of the day, including why layoffs are skyrocketing.
Transcript:
The last time the United States saw layoff numbers this high — the COVID 19 pandemic was just beginning.
A new report from job placement firm Challenger, Gray & Christmas revealed 275,420 job cuts were made by employers in March — a 205% jump from March 2024.
More than 80% of last month’s cuts stemmed from Elon Musk’s Department of Government Efficiency. The report said, “Job cut announcements were dominated last month by DOGE plans to eliminate positions in the federal government. It would have otherwise been a fairly quiet month for layoffs.”
More than 216,000 of the cuts came from federal agencies.
Government layoffs are up an incredible 672% from the same period in 2024.
As for the 59,000 layoffs that weren’t government-related, many came from either the retail or tech industries.
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