shemp
a flimsy character...perfidious and despised
But it's still Biden's economy!
www.cbsnews.com
Layoffs reach highest level since 2020, new data shows. Here's why companies are cutting jobs.
Companies have reported more than 744,000 job cuts this year — the highest figure since the first six months of 2020, according to an outplacement firm.
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.
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 & Christmas.
Federal agencies have been particularly hard hit this year amid a push by Elon Musk's Department of Government Efficiency to slash costs. Other sectors shedding a large number of workers include retail, technology, media and non-profit organizations.
Microsoft on Wednesday announced it would cut just under 4% of its workforce, or roughly 9,000 employees, in what is a second major round of layoffs this year for the profitable tech giant.
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's tariff policies take hold.
