Kelsey Barberio brings you the biggest news of the day, including why layoffs are skyrocketing.
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00:00The last time the United States saw layoff numbers this high, the COVID-19 pandemic was
00:04just beginning.
00:05A new report from job placement firm Challenger Gray and Christmas revealed 275,420 job cuts
00:12were made by employers in March, a 205% jump from March 2024.
00:18More than 80% of last month's cuts stemmed from Elon Musk's Department of Government
00:22Efficiency.
00:23The report said job cut announcements were dominated last month by Doge plans to eliminate
00:27positions in the federal government.
00:29It would have otherwise been a fairly quiet month for layoffs.
00:33More than 216,000 of the cuts came from federal agencies.
00:37Government layoffs are up an incredible 672% from the same period in 2024.
00:43As for the 59,000 layoffs that weren't government related, many came from either the retail
00:47or tech industries.
00:48That'll do it for your daily briefing.
00:50From New York City, I'm Kelsey Barbario with The Street.