Layoffs surged in February to highest level since 2009

The pace of job cuts by U.S. employers accelerated in February, a sign the labor market is starting to deteriorate in the face of ongoing inflation and high interest rates.

That is according to a new report published Thursday by Challenger, Gray & Christmas, which found that companies planned 84,638 job cuts in February, a 3% increase from the previous month and a 9% jump from the same time last year. 

It marked the highest layoff total for the month of February in data going back to 2009.

"As we navigate the...