The news: Retailers slashed 57,804 jobs in Q1—a staggering 370% YoY increase—according to Challenger, Gray & Christmas.

Consumer products manufacturers announced 14,619 layoffs (up 54% YoY), and automakers cut 7,146 jobs (up 28% YoY).

The context: The Trump administration has upended the status quo since coming into office with aggressive tariff policies and bold political moves—like laying off 279,445 federal workers (a 672% YoY spike) and promising mass deportations—that have roiled the economic landscape.