US firms reported 172,017 job cuts in February, the highest total for a February since 2009 and the highest monthly total since July 2020.

• Cuts in February are up 245% MoM and 103% YoY, and in the YTD period, cuts are up 33% from the same period in 2024 and at the highest level since 2009.
• The government sector reported 62,242 job cuts as DOGE looks to reduce the federal workforce substantially. Last year in February, government job cuts were just 151.
• Retail was the second largest sector cutting with 38,956 followed by technology with 14,554 cuts.
• “DOGE Impact” leads job cut reasons this year and was attributed to 63,583 layoffs.
• While cuts surged, so did hiring plans. Challenger notes that companies reported plans of hiring 34,580 workers in February, the highest February total since 2022.