PNN – CNN announced: According to the latest report from Challenger, Gray & Christmas on employment declines in the United States, employers in the United States announced that they would cut 172,170 jobs in February.
According to the report of Pakistan News Network, CNN reported that this is a 103% increase compared to the previous year, 2024, and the highest figure in all February months since 2009.
The largest share of job cut announcements has come from the government sector, where the Elon Musk-led Department of Government Efficiency has eliminated jobs, reduced federal spending, and canceled contracts.
There were 62,242 announced job cuts across 17 federal agencies, according to Challenger’s count. Challenger noted that this is a 41,311 percent increase from the 151 announced job cuts through February 2024.
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According to the report, the impact of the so-called efficiency administration, known as the Dutch, is not limited to the public sector: downstream effects, such as the loss of funding for private non-governmental institutions, led to the loss of another 894 jobs.
In the private sector, the largest reductions were in retail (38,956) job cuts, technology (14,554) job cuts, and consumer products (10,625) job cuts.
Gregory Daco, senior economist at the Parthenon Institute, said, noting that government layoffs account for a third of the total announced layoffs: Thursday’s report is “worrying.”
Andrew Challenger, senior vice president of the Challenger Organization, Gray & Christmas and executive coaching firm, said in a statement: Job losses increased in February due to the impact of government efficiency measures as well as government contract cancellations, trade war fears and bankruptcies.