Job cuts see worst month since 2009: Sectors with the biggest losses
A new report showed a 103% increase from January to February alone.
Transcript:
Kelsey Barberio: A new report revealed the U.S. just had its worst month of job cuts since 2009. The report, released by Challenger, Gray & Christmas showed U.S.-based employers slashed more than 172,000 jobs in February, an incredible 103-percent increase from the month prior.
February marked the 12th highest monthly total since Challenger began recording job cuts. The other 11, including 4 during the COVID-19 pandemic, all occurred during a recession.
Related: U.S. jobs cuts at 16-year high as trade war concerns hammer sentiment
The largest number of cuts came from the government sector. The new Department of Government Efficiency, or DOGE, led to cutting of 62,242 jobs across 17 federal agencies. That’s an increase of more than 41,000 - yes 41,000 - percent from February 2024.
Other industries that were hit hard by layoffs in February were retail with roughly 39,000 cuts, technology with 14,500, and consumer products with roughly 11,000 cuts.
However, the report did highlight one positive note. Companies made more than 34,000 hires last month - the best February for hiring since 2022.
That’ll do it for your daily briefing. From New York City, I’m Kelsey Barberio with TheStreet.
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