CNBC Blames Trump and DOGE for Bombshell Job Loss Data: ‘Played the Biggest Part’

SORKIN Some new data ░░░░░░░░ just announcing layoffs released ░░░░░░░░ Senior Economics Reporter Steve ░░░░░░░░ joins us now with ░░░░░░░░ on how much DOGE ░░░░░░░░ be in tomorrow s ░░░░░░░░ report What do you ░░░░░░░░ Steve LIESMAN It s ░░░░░░░░ tricky story here But ░░░░░░░░ let me tell you ░░░░░░░░ announced layoff in February ░░░░░░░░ surging 245 to the ░░░░░░░░ level since the pandemic ░░░░░░░░ the Trump Administration s ░░░░░░░░ to reduce the federal ░░░░░░░░ planning not the only ░░░░░░░░ the biggest part in ░░░░░░░░ The outplacement firm Challenger ░░░░░░░░ and Christmas they re ░░░░░░░░ that announced February layoffs ░░░░░░░░ actual layoffs but announced ░░░░░░░░ rose to 172 000 ░░░░░░░░ from just 49 000 ░░░░░░░░ January It s the ░░░░░░░░ monthly number since July ░░░░░░░░ the worst February since ░░░░░░░░ It was a mix ░░░░░░░░ layoffs from the government ░░░░░░░░ the private sector including ░░░░░░░░ at 63 000 announced ░░░░░░░░ includes federal workers and ░░░░░░░░ government contractors Retail 45 ░░░░░░░░ hit by cold weather ░░░░░░░░ we know and tech ░░░░░░░░ 000 with HP Meta ░░░░░░░░ Workday among the tech ░░░░░░░░ we know that announced ░░░░░░░░ layoffs The DOGE impact ░░░░░░░░ the top reason cited ░░░░░░░░ job cuts followed by ░░░░░░░░ and economic conditions and ░░░░░░░░ bankruptcy The bulk of ░░░░░░░░ job cuts are likely ░░░░░░░░ recent to show up ░░░░░░░░ tomorrow s jobs report ░░░░░░░░ won t be counted ░░░░░░░░ unemployed until their severance ░░░░░░░░ out But remember roughly ░░░░░░░░ 000 federal workers they ░░░░░░░░ their jobs monthly in ░░░░░░░░ normal month So the ░░░░░░░░ freeze announced by President ░░░░░░░░ on day one of ░░░░░░░░ presidency that could mean ░░░░░░░░ jobs won t be ░░░░░░░░ That could create some ░░░░░░░░ numbers that could drag ░░░░░░░░ the headline number even ░░░░░░░░ soon as tomorrow Now ░░░░░░░░ ISI in a research ░░░░░░░░ total job losses from ░░░░░░░░ could be as low ░░░░░░░░ 50 if the government ░░░░░░░░ gets back to hiring ░░░░░░░░ as high as 660 ░░░░░░░░ In a worst case ░░░░░░░░ created by what it ░░░░░░░░ DOGE policy uncertainty They ░░░░░░░░ DOGE related uncertainty over ░░░░░░░░ grants could have an ░░░░░░░░ paralyzing effect on hiring ░░░░░░░░ employers exposed to those ░░░░░░░░ sources or in need ░░░░░░░░ regulatory approvals from agencies ░░░░░░░░ are themselves paralyzed by ░░░░░░░░ review Now most forecasters ░░░░░░░░ I m reading are ░░░░░░░░ on some kind of ░░░░░░░░ here between total job ░░░░░░░░ of 250 to 350 ░░░░░░░░ That s federal job ░░░░░░░░ or roughly 20 to ░░░░░░░░ 000 a month That ░░░░░░░░ be a noticeable number ░░░░░░░░ the ultimate economic impact ░░░░░░░░ on whether the private ░░░░░░░░ finds job for those ░░░░░░░░ Andrew and can make ░░░░░░░░ for those job losses.”