In March, U.S. layoffs surged, reaching a record high of 275,240, as reported by Challenger, Gray & Christmas. This figure marks a 60% increase from February and a staggering 205% from March 2024. The majority of these cuts were attributed to the Department of Government Efficiency (DOGE), newly established under a Trump executive order and led by Elon Musk, which accounted for 216,215 job losses. DOGE aims to achieve a 75% reduction of the federal workforce, offering buyouts to encourage voluntary resignations while targeting 27 federal agencies.
Job cut announcements were dominated last month by Department of Government Efficiency [DOGE] plans to eliminate positions in the federal government. It would have otherwise been a fairly quiet month for layoffs.
DOGE aims to reduce the over 2.4 million-person federal workforce by 75%, offering federal workers buyout incentives to voluntarily resign with benefits.
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