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While the government cost-cutting initiative known as the Department of Government Efficiency, which resulted in thousands of federal job cuts, winds down, mass layoffs are still roiling corporate America.

Companies are under increasing pressure to trim costs against the backdrop of global economic uncertainty brought on by President Donald Trump 's tariff policies. Several companies have announced price hikes . Layoffs mark another way to pull back.

Trade tensions have also raised concerns about the general health of the U.S. economy and the job market. While the April jobs reading was better than expected, a separate reading from ADP this week showed private-sector hiring hit its lowe

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