Layoffs reach highest mark since COVID pandemic

Kelsey Barberio brings you the biggest news of the day, including why layoffs are skyrocketing.

Transcript

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.