US Job Cuts Soar in March

According to Challenger, Gray & Christmas, Inc. (CG&C) Job Cut Announcement Report released on Thursday, US-based employers announced 275,240 job cuts in March, a 60% increase from the 172,017 cuts announced in February. Year-over-year, cuts were up 205% from 90,309, which was the highest monthly total recorded last year.

March’s total is the third-highest monthly total ever recorded. The highest monthly total occurred in April 2020 when 671,129 cuts were recorded, followed by May 2020 with 397,016. It is the highest total for the month of March on record, since Challenger began reporting on job cut plans in 1989.

So far this year, employers have announced 497,052 cuts, the highest year-to-date and quarterly total since 2009Q1, when 578,510 job cuts were announced. It is up 93% from the 257,254 cuts announced during the same period in 2024 and an increase of 227% from the 152,116 cuts announced in the previous quarter.

Job cuts in March were widespread, with government leading the way, followed by technology, retail, consumer and automobile, financial, and media and news.

Hiring Plans

CG&C also reported that companies’ hiring plans fell from 34,580 in February to 13,198 in March. So far this year, companies plan to hire 53,867 workers, a 16% decrease from the 64,163 new hires announced in 2024Q1. It is the lowest Q1 hiring total since 2012 when 52,540 new hiring plans were announced.