Layoff announcements in the U.S. rose by 80% to 696,309 through May 2025, a significant increase compared to 2024. Federal government entities faced the most reductions, with 284,827 job cuts year-to-date, during a period that saw only 36,325 cuts last year. The retail industry followed closely, experiencing a staggering 274% jump in layoffs. Various factors contribute to these job cuts, including DOGE-related initiatives and escalating economic challenges like rising tariffs and decreased consumer spending, causing companies to opt for layoffs and store closures amidst downturns.
According to the report, DOGE-related efforts remain the leading reason given for job cut announcements this year.
"Tariffs, funding cuts, consumer spending, and overall economic pessimism are putting intense pressure on companies' workforces," said Andrew Challenger.
Retail store closures are trending upward as companies like Kohl's and Macy's pull back.
Job cuts in federal government agencies have increased dramatically this year, with 284,827 reductions compared to last year.
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