US: Challenger Job Cuts jump to 222,288 in March from 56,660

• Challenger Job Cuts surge above 200K in March.
• US Dollar Index continues to stay in the positive territory above 99.50.

Planned job cuts in the US increased by 292% from February's 56,660 to 222,228 in March, Challenger Gray & Christmas announced in its latest Job Cut Report.

"March was the first month to report job cut announcements specifically due to the COVID-19 pandemic," the publication read. "Last month’s total is 267% higher than the 60,587 cuts announced in the same month last year. It is the highest monthly total since January 2009, when 241,749 cuts were announced."

Market reaction

The US Dollar Index largely ignored this data and was last seen adding 0.15% on a daily basis at 99.63.

Key takeaways

"The virus has caused total whiplash for HR, hiring managers, and recruiters."

"The pandemic that shut down non-essential businesses in nearly every state and most major metro areas caused 141,844 cuts, primarily in Entertainment/Leisure, which now leads all sectors in job cuts with 96,887."