{"id":36089,"date":"2025-07-02T16:35:22","date_gmt":"2025-07-02T16:35:22","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/layoffs-reach-highest-level-since-2020-new-data-shows-heres-why-companies-are-cutting-jobs\/"},"modified":"2025-07-02T16:35:22","modified_gmt":"2025-07-02T16:35:22","slug":"layoffs-reach-highest-level-since-2020-new-data-shows-heres-why-companies-are-cutting-jobs","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/layoffs-reach-highest-level-since-2020-new-data-shows-heres-why-companies-are-cutting-jobs\/","title":{"rendered":"Layoffs reach highest level since 2020, new data shows. Here&#8217;s why companies are cutting jobs."},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>Layoffs across the U.S. this year have climbed to their highest level since the pandemic slammed the economy in 2020, new labor data shows.<\/p>\n<p>In the first half of 2025, companies announced 744,308 job cuts nationwide, the highest tally since the first six months of 2020, when employers cut nearly 1.6 million jobs in response to COVID-related disruptions, according to outplacement firm Challenger, Gray &amp; Christmas.<\/p>\n<p>Federal agencies have been particularly hard hit this year amid a push by Elon Musk&#8217;s Department of Government Efficiency to slash costs. Other sectors shedding a large number of workers include retail, technology, media and non-profit organizations.\u00a0<\/p>\n<p>Microsoft on Wednesday announced it would cut just under 4% of its workforce, or <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/microsoft-layoffs-9000-workers\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">roughly 9,000 employees<\/a><\/span>, in what is a second major round of layoffs this year for the profitable tech giant.\u00a0<\/p>\n<p>While the economy remains solid by most measures, economists warn that growth could cool in the coming months as the effects of the Trump administration&#8217;s tariff policies take hold.<\/p>\n<h2>DOGE effect<\/h2>\n<p>Challenger, Gray &amp; Christmas point to several reasons layoffs are on the rise. The leading factor is DOGE, which the firm said has accounted for nearly 287,000 cuts so far this year.<\/p>\n<p>Firings by the task force led to a <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/layoffs-job-cuts-march-2025-third-highest-ever-recorded-doge\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">spike in federal worker cuts<\/a><\/span> earlier this year at the\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/job-cuts-federal-health-agencies-rfk-jr\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Department of Health and Human Services<\/a><\/span>, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/federal-employee-layoffs-begin-at-department-of-education\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Department of Education<\/a><\/span>, <a href=\"https:\/\/www.cbsnews.com\/video\/ex-usaid-worker-talks-about-emotional-toll-of-firings-impact-on-family\/\" target=\"_blank\" rel=\"nofollow\" data-invalid-url-rewritten-http=\"\">USAID<\/a>\u00a0and other agencies.\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/4000-employees-took-fork-in-road-justice-dept-more-cuts-coming\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Thousands also departed<\/a><\/span> through a deferred resignation program.<\/p>\n<p>States in the East and Southeast have seen the biggest jump in layoffs, with a more than 220% jump from a year ago, according to Challenger, Gray &amp; Christmas.<\/p>\n<p>&#8220;This dramatic rise is largely due to significant reductions at federal agencies headquartered in Washington, D.C.,&#8221; the firm said in its report.<\/p>\n<p>DOGE&#8217;s activities also affected employees in other states and industries that benefit from government funding, including nonprofit groups. So far this year, nonprofit organizations have announced roughly 17,000 job cuts, up 407% from the same period last year, the new data shows.\u00a0<\/p>\n<h2>Tariff hit<\/h2>\n<p>An economic slowdown and rocky financial markets has led companies to shed more than 154,000 jobs this year, according to Challenger, Gray &amp; Christmas. Retailers have eliminated nearly 80,000 jobs this year, up 255% from the first half of 2024.<\/p>\n<p>&#8220;Retailers are one of the hardest hit business sectors by tariffs, inflation and uncertainty,&#8221; said Andrew Challenger, senior vice president of Challenger, Gray &amp; Christmas, said in a statement. &#8220;If consumer spending continues to fall, it could mean more job losses in this industry.&#8221;<\/p>\n<p>Challenger Gray directly attributes 2,000 layoffs so far this year to stepped-up U.S. tariffs on foreign imports. Other factors the contributing to the wave of layoffs include store closings and company restructuring efforts.\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/del-monte-bankruptcy-chapter-11\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Del Monte<\/a><\/span>, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/at-home-decor-bankruptcy-retailer\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">At Home <\/a><\/span>and <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/23andme-data-bankrupt-privacy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">23andMe<\/a><\/span> are among the companies that have filed for bankruptcy this year.<\/p>\n<p>Although layoffs have jumped, the nation&#8217;s unemployment rate remains historically low at 4.2% and hiring <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/jobs-report-today-may-2025\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">has remained steady<\/a><\/span>. The Department of Labor is set to release its June employment report on Thursday, with economists forecasting payroll gains of roughly 110,000 last month, according to Wall Street forecasts.\u00a0<\/p>\n<p>    <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation \">\n        <\/aside>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/mary-cunningham\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Mary  Cunningham<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Mary Cunningham is a reporter for CBS MoneyWatch. Before joining the business and finance vertical, she worked at &#8220;60 Minutes,&#8221; CBSNews.com and CBS News 24\/7 as part of the CBS News Associate Program.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/layoffs-doge-tariffs-cbs-news-explains\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Layoffs across the U.S. this year have climbed to their highest level since the pandemic slammed the economy in 2020,<\/p>\n","protected":false},"author":1,"featured_media":36090,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[5365,1830,2732],"class_list":["post-36089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch","tag-chapter-11-bankruptcy","tag-jobless-claims","tag-united-states-department-of-labor"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Layoffs reach highest level since 2020, new data shows. 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