Today’s Challenger, Gray & Christmas layoff report posted stark numbers: U.S.-based employers announced 108,435 job cuts in January, the highest January total since 2009. Employers announced just 5,306 planned hires last month, making the lowest January total on record. 

The transportation, technology, and health care industries cut the most jobs last month. The healthcare job cuts are a significant change from last year, as health care companies largely propped up Trump’s cooling jobs market. Inflation, high costs, and cuts to Medicaid and Medicare are hitting hospitals and health care providers hard. 

In addition, new data from the Labor Department this week revealed U.S. job openings fell to the lowest level in more than five years, reflecting a slow labor market. Revelio Labs’ employment outlook for January found that the U.S. economy lost around 13,000 jobs — the worst month for job growth on records dating back five years.

Meanwhile, Trump is in denial about his economy. Just last night, he bragged that there is no inflation and that his administration is doing a great job with affordability. And last week, Trump boasted about his economy, saying that “the economy had never been like this.”

In response to Donald Trump’s failing economy, DNC Rapid Response Director Kendall Witmer released the following statement:

“Well, there you have it folks — the Trump economy has finally arrived. Donald Trump has completely wrecked the job market. Everyday Americans are getting laid off, struggling to find a job, and being forced into part-time jobs at a breakneck pace because of Trump’s reckless economic policies. As the job market collapses and prices for everyday goods continue to skyrocket, millions of working families are worried about how to make ends meet. Meanwhile, Trump is refusing to change course. He is doubling down on his ego-driven tariffs and offering no solutions to make life more affordable for everyday Americans. When will enough be enough?”