Layoffs Spiked 245% In February: See MD Impact

MARYLAND — Layoffs soared across the United States in February, but the pace was much slower at Maryland-based companies last month amid a mass of federal government job cuts and canceled contracts, along with staff reductions at retailers and other businesses.

Nationwide, job cuts jumped 245 percent last month, according to executive outplacement firm Challenger, Gray & Christmas. There were 172,017 layoffs announced in February across all sectors, and Challenger said that 62,242 of these were federal agencies impacted by the Department of Government Efficiency's efforts to slash spending.

That is the highest monthly total for layoffs since July 2020, when 262,649 cuts were announced, according to a Challenger Report published on Thursday.

“Private companies announced plans to shed thousands of jobs last month, particularly in retail and technology," said Andrew Challenger, senior vice president and workplace expert for the firm. "With the impact of the DOGE actions, as well as canceled government contracts, fear of trade wars and bankruptcies, job cuts soared in February."

While Maryland workers were likely included in layoffs at Washington, D.C.-based federal agencies, Maryland-based companies laid off 1,307 workers in February. So far this year, 2,284 jobs have been cut, according to Challenger's report.

While it's unclear how many Marylanders have been impacted by DOGE's job cuts, around 224,000 residents work for federal agencies, according to the Economic Policy Institute. More than 800 terminated federal employees in Maryland have already applied to the state for unemployment benefits, Attorney General Anthony Brown said Friday.

If you are a federal worker or contractor and have been affected by the recent workforce reductions, resources are available through the Maryland Department of Labor.

Here's a select breakdown of announced job cuts by industry, according to the Challenger report.

Government

• Feb. '24: 27
• Jan. '25: 288
• Feb. '25: 62,242

Technology

• Feb. '24: 12,412
• Jan. '25: 7,488
• Feb. '25: 14,554

Electronics

• Feb. '24: 202
• Jan. '25: 107
• Feb. '25: 4,588

Financial

• Feb. '24: 3,618
• Jan. '25: 4,529
• Feb. '25: 6,894

Pharmaceutical

• Feb. '24: 1,838
• Jan. '25: 329
• Feb. '25: 256

Retail

• Feb. '24: 1,387
• Jan. '25: 6,419
• Feb. '25: 38,956