--- title: "Goldman Launches DOGE Tracker To Monitor Real-Time DC Economic Impact" description: "Goldman Sachs has launched a new Monthly U.S. Government Activity Tracker to monitor the economic impact of federal agency restructurings in Washington, DC, particularly in light of significant job cu" type: "news" locale: "en" url: "https://longbridge.com/en/news/234563696.md" published_at: "2025-04-04T11:45:30.000Z" --- # Goldman Launches DOGE Tracker To Monitor Real-Time DC Economic Impact > Goldman Sachs has launched a new Monthly U.S. Government Activity Tracker to monitor the economic impact of federal agency restructurings in Washington, DC, particularly in light of significant job cuts and spending reductions. Chief Economist Jan Hatzius reported that 49.3k federal employees have been affected, with initial unemployment claims rising. While federal spending cuts are confirmed, the overall labor market impact remains minimal. Consumer sentiment among federal workers has declined, and companies exposed to government spending cuts are experiencing market performance declines. Hatzius suggests limited macroeconomic implications from these changes. Our conversation with a few institutional desks suggests a **growing interest in the downstream economic impact of DOGE-related federal agency restructurings** across Washington, DC—particularly with USAID neutered, the Department of Education dismantled, and numerous other agencies experiencing tens of thousands of job cuts. Additionally, the termination of federal contractors and NGO staff raises further concerns that the nation's capital—fueled mainly by taxpayer dollars—**could face outsized economic disruption**. *Goldman Chief Economist Jan Hatzius* shared new insights with clients on Sunday, unveiling an economic snapshot of the DC metro area economy through the firm's new**Monthly U.S. Government Activity**—a data dashboard that monitors DC government employment, spending, and other economic trends. Hatzius said thefirst two months of the second Trump administration had featured federal agency restructuring,spending cuts, and federal layoffs, prompting his team to launch themonthly U.S. Government Activity Tracker to monitor employment and spending trends. **Jobs data so farindicates early signs** of reduction in the government workforce,with 49.3k employees (1.6% of the workforce) affected. This includes21k probationary workers, along with**further cuts planned at agencies like the VA, DoD, IRS, and HHS**.Initial unemployment claims for federal workers rose in late February (read here) and early March but have since moderated, while **DC job postings on Indeed.com are down 11% since January**. Hatzius noted that thebroader labor market impact remains minimal. **Federal spending shows some confirmed cuts**, particularly at the State Department and FCC, though total cash withdrawals from the Treasuryalign with historical norms.**Contract awards have fallen slightly,while grant awards havestagnated below trend since Inauguration Day**.Government travel has also slowed,but DC airport traffic remains stable, while**DC Metrorail ridership surged as federal workers were called back to the office**. Data fromMorning Consult shows **consumer sentiment among federal workers has soured**, especially across the DC metro area since the start of the year. ## **Here's theU.S. Government Activity Tracker snapshot for March:** ## **Employment** **Reduction in Force Orders Have Affected an Estimated 49.3k Federal Employees So Far** **Initial Unemployment Claims Filed by Federal Employees Remain Elevated** **Further RIF Layoffs Have Been Reported at the Department of Veterans Affairs, Department of Defense, and Internal Revenue Service** **Job Openings in Washington DC Have Declined Considerably** **Federal Government Job Growth Slowed to 0.7% Year-over-year in February** ## Spending **Total Federal Government Operating Cash Withdrawals Are Roughly On-trend…** **But Spending is Undershooting in Several Key Department and Agencies** **Federal Contracts Activity Declined Slightly in February but Still Lies Within Normal Ranges** **Federal Grants Have Largely Stagnated at a Below-trend Level Since Inauguration Day** ## **Government Travel** **Recent Company Anecdotes Highlight Negative Impacts on the Airlines and Hospitality Sectors** **** **No Signs of Decline in DC-Area Flights** **Weekday Metrorail Ridership Reaches a Post-pandemic High as Federal Employees Return to Office** ## **Consumer Sentiment** **Sentiment Among Government Employees Has Declined Sharply, Especially Among Those Residing in the DC Area** **Market Performance of Companies Exposed to Government Spending Cuts Has Declined Since Election Day** **Some IT Software, Defense, and Real Estate Companies Are Cautiously Optimistic About the Efficiency-driven Spending Cuts** Hatzius pointed out, **"Taken together, the data captures a modest real-time impact on employment and discretionary and operational spending but otherwise suggests limited growth implications. We continue to expect these government spending cuts to have a relatively limited macroeconomic impact."** Separate from Goldman, we have commented on everything from MLS housing data to jobs data, which only show that the real pain for the DC Swamp—whether in DC itself, Northern Virginia, or Maryland—has yet to hit. Loading... ### Related Stocks - [GS.US - Goldman Sachs](https://longbridge.com/en/quote/GS.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | LIVE MARKETS-Macro cycle vs market cycle | The STOXX 600 index is up 0.3%, with Moncler rising 12%, boosting the luxury sector, while energy lags. European PMIs in | [Link](https://longbridge.com/en/news/276444683.md) | | Dogecoin & Qubic - Dogecoin Mining on Qubic - 01 April 2026 | Qubic is set to enable Dogecoin mining on its compute layer, with a mainnet launch scheduled for April 1, 2026. 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