Layoffs surged in March: See which industries faced the biggest cuts

Ouch. March was a tough month for jobs. Like, really tough.

More than 275,000 people got pink slips. Yes, you read that right. That’s according to Challenger, Gray & Christmas, who’ve been tracking this stuff since way back in ’89.

Think about that. Over a quarter of a million people. Gone.

What Happened? The Numbers Don’t Lie.

Let’s break it down:

• March saw a 60% jump in layoffs compared to February.
• A whopping 205% increase from March of last year.
• It’s the highest layoff count since the peak of the pandemic. Remember that? Yikes.

Only April and May of 2020 were worse. We’re talking serious job losses here.

The Government’s Role: A Major Player?

Who’s to blame? Or rather, where did these cuts come from?

Challenger says the U. S. federal government was a big part of the story. Specifically, the Department of Government Efficiency (DOGE). This entity, established a while back, apparently led to a huge chunk of the job losses.

DOGE is aiming to shrink the federal workforce. A lot. Think buyouts and layoffs. Big changes are happening.

Tech, Finance, and Retail: No Safe Havens

It wasn’t just the government. Private sector felt the pain too.

Tech companies? Hit hard. Financial firms? Same story. Retailers? You guessed it. All laid off at least 10,000 workers each in March.

Even VC firms like Sequoia Capital made cuts. And Jack Dorsey’s Block? They let go of over 900 people. Restructuring is never fun.

The Big Picture: Hiring vs. Firing

Here’s the kicker: Layoffs are outpacing hiring. Private companies added some jobs in March. But the number of jobs lost was far greater.

What does it all mean? Uncertainty. Change. And a reminder that the job market can be a rollercoaster.