Increased job losses in the US progress by nearly half, fueled by cost-cutting measures linked to Dogecoin (DOGE)
Let's cut to the chase! FOX Business' Grady Trimble reports on the power shift as Elon Musk waves goodbye to the budget-slashing DOGE agency.
It's a dog-eat-dog world out there, and U.S. workers are feeling the heat. May witnessed nearly a 50% surge in layoffs compared to the previous year, with over 93,000 jobs on the chopping block. The DOGE (Department of Government Efficiency) continues to lead the pack as the main cause of these job losses, according to a recent report from Challenger, Gray & Christmas.
Globally, the job market's woes aren't just limited to the federal sector. ⚠️ Trigger warning: This report discusses the consequences of economic downturns, tariffs, and corporate bankruptcy. It's not a pretty picture, but we're here to keep it real.
The DOGE's impact on the job market is so significant that it accounts for over 284,000 planned layoffs so far in 2025, affecting both federal employees and contractors. The report also highlights that, due to reduced federal funding, even non-profit organizations have suffered 10,459 layoffs.
In second place and causing a painful 131,257 job cuts are market and economic conditions. The shutdown of businesses, restructuring, and corporate bankruptcy follow closely, with 94,439, 62,015, and 35,501 job cuts, respectively.
Tech advancements, specifically artificial intelligence (AI), are also taking a toll, leading to 20,000 job cuts this year alone.
On a brighter note, employers are announcing more hiring plans this year than last, with 79,941 planned hires as of May 2025. However, this number pales in comparison to pre-pandemic and early-pandemic years, suggesting caution among companies as they add new employees.
As Musk exits the DOGE scene, it seems the GOP lawmakers and Trump Cabinet members are ready to take the lead in the government's cutthroat world. Stay tuned for updates as the DOGE drama unfolds. 📺
- The change in leadership at the DOGE (Department of Government Efficiency), as Elon Musk departs, could impact financing and economics, as GOP lawmakers and Trump Cabinet members prepare to take the reins.
- The worsening economy, coupled with market conditions, has led to a significant increase in credit risks and potential bankruptcy, causing vast job losses, with over 131,000 job cuts reported so far.
- The vital role of finance in the business sector is evident in the ongoing efforts to tackle the effects of job losses, economic downturns, and corporate bankruptcy, topics that are at the forefront of general news and politics discussions.
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