U.S. companies announced 140,379 job cuts in the first quarter of 2018, a 44 percent increase from the same time period in 2017, according to CNBC.
Employers cut 60,357 jobs in March, up 39 percent from last year. Over half of the cuts — 35,042 — came from retailers, which is seven times more than the monthly total from retailers last year.
"The growth and job creation we've seen over the last few months may be coming to an end. As wages grow and the labor market tightens, companies are going to switch to a no-risk strategy and potentially begin contracting," John Challenger, CEO of Challenger, Gray & Christmas, told CNBC.