Federal hiring reaches 8-year low due to budget cuts

      The threat of budget cuts due to sequestration and other measures are not only enough to prompt massive layoffs at several government agencies, they've also stunted new hiring for years.

      In fact, a Federal Times report indicates that federal government hiring has dropped by one-third over the past three years. That's in stark contrast to a period between 2005 and 2009, when hiring peaked at more than 309,000.

      However, according to Federal Times, hiring only reached 205,457 in 2012, a 33.51 percent drop from that high. Meanwhile, many top officials say that the market may not have bottomed out.

      "I wouldn't be surprised if 2014 is an even tougher year" than 2013," Jeff Neal, a former executive with the Department of Homeland Security, told Federal Times.

      Several agencies have announced plans to furlough workers due to budget cuts over the past several weeks. The most dramatic cuts may be at the IRS, where each of the agency's 90,000 workers will be furloughed for five days this summer.