How are Trump administration layoffs impacting the job market?
CHARLOTTE () — For the first time since taking office in November, we are getting a glimpse of how decisions made by the Trump administration are impacting the job market.
New data shows massive federal cuts and tariff uncertainties have led to a near recession-level spike in planned job cuts.
According to the monthly cuts report by workplace consultant agency Challenger, Gray, and Christmas, US-based employers announced plans to cut 172,017 jobs last month, the largest job cuts announcement since 2020
'The president alluded to some difficulties in the economy going forward. I think principally related to tariffs. I think that there is a risk that the unemployment rate goes higher. I think that there is a risk that hiring slows, and there is a risk that inflation flares. All of those things are sort of the opposite of what I think most people are hoping for,' Bankrate Senior Economic Analyst Mark Hamrick said.
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