The “The Big Money Show” panel doubles when Doge emails him, “What did he do last week?”
Layoffs for US workers have surged to levels not recorded since the last two recessions amid fears of large-scale Trump administration jobs cuts in federal agencies, cancellation of contracts and widening trade wars.
Global Outplacement Firm Challenger report Gray & Christmas announced on Thursday that the job cuts planned for February last month had skyrocketed by 245%. This is the highest level since July 2020, and the highest total in February since the Great Recession in 2009, as the economy shook from restrictions related to Covid Pandemic.
The government has the largest share of layoffs, with 62,242 people unveiling employment cuts in 17 different federal agencies. The government fired about 62,530 workers in the first two months of 2025. This is an increase of 41,311% compared to a year ago.
“The administration wants to cut more workers, but the order to fire around 200,000 probation employees has been blocked by a federal judge,” said Glenger & Christmas, senior vice president of Challenger. “It remains to be seen whether more workers will lose their federal role.”
The private sector added just 77k jobs in February, far below expectations, according to ADP
“When there are massive layoffs, the rest of the staff often feel uneasy and uncertain. There is a high chance that many workers will leave voluntarily,” the Challenger added.
The retailer also announced 38,956 job openings, bringing the sector total to 45,375 per year. This is a 572% increase from the 6,751 retail cuts announced in the first two months of 2024.
Technology companies have been declining for a year now, but continue to be a major sector that cuts employment. The tech company announced employment cuts of 14,554 in February, bringing a total of 22,042 in 2025.
Doge has abandoned thousands. What impact will unemployment and the economy have?
So far, employers have announced employment cuts of 221,812 people. This is the highest year-to-date total since 2009, when job cuts of 428,099 was planned. That figure is 33% higher than the 166,945 job cuts announced in 2024 in the same period.
“Private companies announced last month plans to reduce thousands of jobs, particularly in retail and technology,” Challenger said. “The impact of government efficiency (DOGE) actions, as well as cancellations of government contracts, fears of a trade war, and bankruptcy caused a surge in job cuts in February.”
When it comes to why businesses are cutting jobs, Doge's impact was the main reason, due to 63,583 layoffs in both federal workforce and government contractors.
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Market and economic conditions result from 36,257 cuts, while bankruptcy is 28,095 reasons for 35,411 cuts and employment, stores, units or plants closures.
Reuters contributed to this report.
