Announced layoffs have 'jumped to levels not seen since the last two recessions': report

Reuters is reporting that the number of announced layoffs in the United States has "jumped to levels not seen since the last two recessions."

Citing data from global outplacement firm Challenger, Gray and Christmas, Reuters brings word that announced job cuts totaled 172,017 in February, which is an increase of 245 percent over the previous month and the highest total for a February since the United States was in the middle of the Great Recession.

Cuts to government workers accounted for more than 63,000 layoffs as Elon Musk's Department of Government Efficiency has been ruthlessly hacking away at the federal workforce.

What's more, it seems likely that the massive scope of layoffs is likely to have a cascading effect on the broader economy.

"When mass layoffs occur, it often leaves remaining staff feeling uneasy and uncertain," said Andrew Challenger, senior vice president at Challenger, Gray & Christmas. "The likelihood that many more workers leave voluntarily is high."

Trump and Musk have thrown the U.S. economy into a period of high uncertainty as they have not only slashed the federal workforce but have also implemented high tariffs on foreign goods from America's two largest trading partners.