U.S. layoff announcements recorded the highest number since 2020, with a total of 1.17 million cuts so far this year, following a November that totaled more than 70,000 departures, according to a report by employment consulting firm Challenger, Gray & Christmas.
This November, layoff plans reached 71,321, down from October, but enough to surpass 1 million U.S. cuts by 2025, says the report, released Thursday, Dec. 4.
Layoffs in 2025 in U.S.
These 1.17 million layoffs from January to November 2025 represent a 54% increase over the same period last year, and constitute the highest number since 2020, the year the covid-19 pandemic rocked the global economy.
Last month, layoffs in the U.S. labor market rose to more than 150,000, the highest number in an October since 2003.
Of the more than 70,000 layoffs this November, Verizon announced more than 13,000 cuts, while technology companies also recorded more than 12,000 layoffs.
The main reasons cited were restructuring (20,000 layoffs), closures (17,000 layoffs) and market conditions (150,000 layoffs), while other factors included artificial intelligence (6,000 layoffs) and tariffs (2,000).
Hiring prospects have also been lower, reaching their lowest point this year since 2010, according to Challenger’s report.
Companies have announced nearly 500,000 planned hires, down 35% from the same period in 2024.
“Layoff plans fell last month, certainly a positive sign. But cuts in November have exceeded 70,000 for the second time since 2008: in 2022 and this year,” said Andy Challenger, labor expert and the firm’s chief revenue officer.
“It used to be a trend to announce layoff plans toward the end of the year, to align with the fiscal shutdown of most companies. It became unpopular especially after the Great Recession, and best practice dictated that layoff plans would occur at times other than the holidays,” he added.
Filed under: Layoffs in 2025
With information from EFE
