Layoffs in the U.S. surged 205% in March compared to the previous year, with 275,240 job cuts driven by Elon Musk's Department of Government Efficiency (DOGE). This marks the third-highest monthly total ever recorded, with the majority of layoffs coming from federal jobs. Musk's efforts to eliminate waste and abuse have led to delays in customer services and agency closures. The government's monthly jobs report is expected to show a slowdown in hiring, with economists forecasting an increase in the unemployment rate. Additionally, companies are scaling back on hiring plans, with the lowest hiring numbers at the start of a year since 2012.
Source: https://www.cbsnews.com/news/layoffs-job-cuts-march-2025-third-highest-ever-recorded-doge/