Layoffs Surge, Nearing Pandemic Peak, Fueled by Government Cuts
Announced layoffs in March reached levels not seen since the COVID-19 pandemic's onset in 2020, according to a new report. Federal government job cuts significantly contributed to this increase. Challenger, Gray & Christmas reported the surge, highlighting a concerning trend in the labor market. This news signals potential economic challenges ahead.
A report released Thursday by Challenger, Gray & Christmas reveals a sharp increase in announced layoffs during March. The numbers are the highest since the initial months of the COVID-19 pandemic in 2020, when businesses across the country were forced to shut down. According to the job placement firm, a significant factor driving this surge is cuts within the federal government workforce. While other sectors may also be contributing to the overall increase in layoffs, the reduction in government jobs played a notable role in pushing the figures to near-record levels. Experts suggest that this trend could indicate a slowing economy and warrants close monitoring in the coming months.
Source: Read the original article at NBC