Economy
Treasury Department is set to lay off a ‘substantial’ number of employees, official says
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People take pictures of the U.S. Treasury Department building in Washington, D.C., on Feb. 6, 2025.
Mandel Ngan | AFP | Getty Images
The Treasury Department is planning to furlough a “substantial” level of its workforce in conjunction with Elon Musk’s efforts to shrink the size of the federal government, according to a court document.
As part of a complaint in a related case, Trevor Norris, the department’s deputy assistant secretary in human resources, indicated that the layoffs will be coming as part of the Department of Government Efficiency’s ongoing moves to cut the federal employee rolls.
In a sworn statement, Norris said the Treasury is wrapping up plans to comply with President Donald Trump’s executive order backing DOGE’s activity. The Treasury currently has more than 100,000 employees.
“These plans will be tailored for each bureau, and in many cases will require separations of substantial numbers of employees through reductions in force (RIFs),” Norris said in an affidavit.
The case involves a complaint by the state of Maryland to get a stay on the layoffs. In recent days, three judges have issued restraining orders putting temporary halts on DOGE’s efforts to hit several departments.
“The Treasury Department is considering a number of measures to increase efficiency, including a rollback of wasteful Biden-era hiring surges, and consolidation of critical support functions to improve both efficiency and quality of service,” a Treasury spokesperson said in a statement. “No final decisions have yet been made, and any current reporting to the contrary is false.”
Bloomberg News first reported the planned layoffs.
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WASHINGTON D.C. – American consumers are tightening their purse strings, curbing spending on discretionary items like dining out, travel, and even cosmetic procedures, as they brace for the impact of impending tariffs and persistent economic uncertainty. Data released Friday paints a picture of a cautious populace, with savings rates on the rise and consumer sentiment waning.
According to government figures, consumer spending, adjusted for inflation, edged up a meager 0.1 percent in February, a stark contrast to the 0.6 percent decline observed in January. Simultaneously, the personal savings rate climbed to 4.6 percent, indicating a growing inclination to save rather than spend.
Adding to the economic unease, a University of Michigan survey revealed a third consecutive month of declining consumer sentiment, reaching its lowest point since 2022. This drop reflects growing anxieties surrounding the economy, particularly in anticipation of price hikes triggered by new tariffs set to take effect this week.
“Consumers are increasingly apprehensive about spending,” stated Lydia Boussour, senior economist at EY-Parthenon. “We are seeing clear signs that people are being more careful—they’re reluctant to spend on nonessential expenses. They’re worried about inflation and have preemptive anxiety around tariffs.”
The slowdown is not limited to lower-income households. Economists are observing a notable shift in spending habits across all income brackets, including the wealthiest. This development is particularly significant, as the top 10 percent of earners, with annual household incomes exceeding $250,000, have been pivotal drivers of the post-pandemic economic expansion. According to calculations by Moody’s Analytics for the Wall Street Journal, these high-earning households account for a substantial 49.7 percent of all U.S. spending.
This widespread pullback in consumer spending is expected to exert downward pressure on economic growth in the first quarter of the year. Many economists are now forecasting a potential contraction, marking a significant shift after years of sustained growth. The looming tariffs, coupled with existing inflationary pressures, are fostering a climate of uncertainty, prompting Americans to prioritize savings over discretionary spending.
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People take pictures of the U.S. Treasury Department building in Washington, D.C., on Feb. 6, 2025.
Mandel Ngan | AFP | Getty Images
The Treasury Department is planning to furlough a “substantial” level of its workforce in conjunction with Elon Musk’s efforts to shrink the size of the federal government, according to a court document.
As part of a complaint in a related case, Trevor Norris, the department’s deputy assistant secretary in human resources, indicated that the layoffs will be coming as part of the Department of Government Efficiency’s ongoing moves to cut the federal employee rolls.
In a sworn statement, Norris said the Treasury is wrapping up plans to comply with President Donald Trump’s executive order backing DOGE’s activity. The Treasury currently has more than 100,000 employees.
“These plans will be tailored for each bureau, and in many cases will require separations of substantial numbers of employees through reductions in force (RIFs),” Norris said in an affidavit.
The case involves a complaint by the state of Maryland to get a stay on the layoffs. In recent days, three judges have issued restraining orders putting temporary halts on DOGE’s efforts to hit several departments.
“The Treasury Department is considering a number of measures to increase efficiency, including a rollback of wasteful Biden-era hiring surges, and consolidation of critical support functions to improve both efficiency and quality of service,” a Treasury spokesperson said in a statement. “No final decisions have yet been made, and any current reporting to the contrary is false.”
Bloomberg News first reported the planned layoffs.
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People take pictures of the U.S. Treasury Department building in Washington, D.C., on Feb. 6, 2025.
Mandel Ngan | AFP | Getty Images
The Treasury Department is planning to furlough a “substantial” level of its workforce in conjunction with Elon Musk’s efforts to shrink the size of the federal government, according to a court document.
As part of a complaint in a related case, Trevor Norris, the department’s deputy assistant secretary in human resources, indicated that the layoffs will be coming as part of the Department of Government Efficiency’s ongoing moves to cut the federal employee rolls.
In a sworn statement, Norris said the Treasury is wrapping up plans to comply with President Donald Trump’s executive order backing DOGE’s activity. The Treasury currently has more than 100,000 employees.
“These plans will be tailored for each bureau, and in many cases will require separations of substantial numbers of employees through reductions in force (RIFs),” Norris said in an affidavit.
The case involves a complaint by the state of Maryland to get a stay on the layoffs. In recent days, three judges have issued restraining orders putting temporary halts on DOGE’s efforts to hit several departments.
“The Treasury Department is considering a number of measures to increase efficiency, including a rollback of wasteful Biden-era hiring surges, and consolidation of critical support functions to improve both efficiency and quality of service,” a Treasury spokesperson said in a statement. “No final decisions have yet been made, and any current reporting to the contrary is false.”
Bloomberg News first reported the planned layoffs.
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Join us at the New York Stock Exchange!
Uncertain markets? Gain an edge with CNBC Pro LIVE, an exclusive, inaugural event at the historic New York Stock Exchange.
In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12.
Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
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People take pictures of the U.S. Treasury Department building in Washington, D.C., on Feb. 6, 2025.
Mandel Ngan | AFP | Getty Images
The Treasury Department is planning to furlough a “substantial” level of its workforce in conjunction with Elon Musk’s efforts to shrink the size of the federal government, according to a court document.
As part of a complaint in a related case, Trevor Norris, the department’s deputy assistant secretary in human resources, indicated that the layoffs will be coming as part of the Department of Government Efficiency’s ongoing moves to cut the federal employee rolls.
In a sworn statement, Norris said the Treasury is wrapping up plans to comply with President Donald Trump’s executive order backing DOGE’s activity. The Treasury currently has more than 100,000 employees.
“These plans will be tailored for each bureau, and in many cases will require separations of substantial numbers of employees through reductions in force (RIFs),” Norris said in an affidavit.
The case involves a complaint by the state of Maryland to get a stay on the layoffs. In recent days, three judges have issued restraining orders putting temporary halts on DOGE’s efforts to hit several departments.
“The Treasury Department is considering a number of measures to increase efficiency, including a rollback of wasteful Biden-era hiring surges, and consolidation of critical support functions to improve both efficiency and quality of service,” a Treasury spokesperson said in a statement. “No final decisions have yet been made, and any current reporting to the contrary is false.”
Bloomberg News first reported the planned layoffs.
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Join us at the New York Stock Exchange!
Uncertain markets? Gain an edge with CNBC Pro LIVE, an exclusive, inaugural event at the historic New York Stock Exchange.
In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12.
Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
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People take pictures of the U.S. Treasury Department building in Washington, D.C., on Feb. 6, 2025.
Mandel Ngan | AFP | Getty Images
The Treasury Department is planning to furlough a “substantial” level of its workforce in conjunction with Elon Musk’s efforts to shrink the size of the federal government, according to a court document.
As part of a complaint in a related case, Trevor Norris, the department’s deputy assistant secretary in human resources, indicated that the layoffs will be coming as part of the Department of Government Efficiency’s ongoing moves to cut the federal employee rolls.
In a sworn statement, Norris said the Treasury is wrapping up plans to comply with President Donald Trump’s executive order backing DOGE’s activity. The Treasury currently has more than 100,000 employees.
“These plans will be tailored for each bureau, and in many cases will require separations of substantial numbers of employees through reductions in force (RIFs),” Norris said in an affidavit.
The case involves a complaint by the state of Maryland to get a stay on the layoffs. In recent days, three judges have issued restraining orders putting temporary halts on DOGE’s efforts to hit several departments.
“The Treasury Department is considering a number of measures to increase efficiency, including a rollback of wasteful Biden-era hiring surges, and consolidation of critical support functions to improve both efficiency and quality of service,” a Treasury spokesperson said in a statement. “No final decisions have yet been made, and any current reporting to the contrary is false.”
Bloomberg News first reported the planned layoffs.
Get Your Ticket to Pro LIVE
Join us at the New York Stock Exchange!
Uncertain markets? Gain an edge with CNBC Pro LIVE, an exclusive, inaugural event at the historic New York Stock Exchange.
In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12.
Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
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People take pictures of the U.S. Treasury Department building in Washington, D.C., on Feb. 6, 2025.
Mandel Ngan | AFP | Getty Images
The Treasury Department is planning to furlough a “substantial” level of its workforce in conjunction with Elon Musk’s efforts to shrink the size of the federal government, according to a court document.
As part of a complaint in a related case, Trevor Norris, the department’s deputy assistant secretary in human resources, indicated that the layoffs will be coming as part of the Department of Government Efficiency’s ongoing moves to cut the federal employee rolls.
In a sworn statement, Norris said the Treasury is wrapping up plans to comply with President Donald Trump’s executive order backing DOGE’s activity. The Treasury currently has more than 100,000 employees.
“These plans will be tailored for each bureau, and in many cases will require separations of substantial numbers of employees through reductions in force (RIFs),” Norris said in an affidavit.
The case involves a complaint by the state of Maryland to get a stay on the layoffs. In recent days, three judges have issued restraining orders putting temporary halts on DOGE’s efforts to hit several departments.
“The Treasury Department is considering a number of measures to increase efficiency, including a rollback of wasteful Biden-era hiring surges, and consolidation of critical support functions to improve both efficiency and quality of service,” a Treasury spokesperson said in a statement. “No final decisions have yet been made, and any current reporting to the contrary is false.”
Bloomberg News first reported the planned layoffs.
Get Your Ticket to Pro LIVE
Join us at the New York Stock Exchange!
Uncertain markets? Gain an edge with CNBC Pro LIVE, an exclusive, inaugural event at the historic New York Stock Exchange.
In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12.
Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
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