1.1 million people have been laid off in the US this year — more than any year since the pandemic
In November 2025, the U.S. job market faced a significant downturn, with employers announcing 71,321 job cuts, marking a 24% increase compared to the same month last year. This surge in layoffs contributed to a staggering total of 1.17 million job cuts reported through November, making it the most substantial annual figure since the COVID-19 pandemic in 2020. According to the consulting firm Challenger, Gray & Christmas, this alarming trend has only surpassed the 1.1 million mark five times since 1993, highlighting the severity of the current economic landscape. Notably, the telecommunications sector was the hardest hit, with over 15,000 layoffs, including Verizon’s announcement of 13,000 job cuts. The tech industry also faced significant losses, shedding around 12,000 positions.
The report indicates that the primary drivers behind these layoffs are restructuring efforts and challenging economic conditions, with the Department of Government Efficiency being cited for nearly 300,000 job cuts throughout the year. The impact of artificial intelligence on employment is also noteworthy, as it has been linked to approximately 55,000 layoffs in 2025. Despite the bleak job cut statistics, the report reveals a stark contrast in hiring trends, with planned hires falling to just under 500,000, a 35% decrease from the previous year and the lowest total since 2010. While the holiday season typically brings a surge in temporary hiring, it remains uncertain whether these positions will endure into the new year, leaving many job seekers in a precarious situation as they navigate the evolving labor market.
Overall, the current state of the job market serves as a reminder of the ongoing economic challenges facing the U.S., with employers grappling with the dual pressures of restructuring and technological advancement. As the year draws to a close, the hope for a rebound in hiring during the holiday season is tempered by the reality of a contracting workforce, underscoring the need for strategic solutions to foster job stability and growth in the future.
There were over 70,000 job cuts last month.
Joe Raedle/Getty Images
2025 has seen over 1.1 million job cuts in the US so far, according to Challenger, Gray & Christmas.
The firm said it was just the sixth time since 1993 that the figure had passed 1.1 million.
It’s also the most layoffs in a year since 2020, when the COVID pandemic upended the labor market.
This year has seen the most
layoffs in the US
since the pandemic, according to the consulting firm Challenger, Gray & Christmas.
Employers have announced 1.17 million job cuts through November, a report published on Thursday showed.
It’s just the sixth time since 1993 that this figure has exceeded 1.1 million.
2025 has seen the fifth-highest number of
job cuts
. The most were seen in 2020, when the labor market was upended by the COVID-19 pandemic. That year also marks the only time there were more than 2 million job cuts through November.
The majority of 2025’s cuts came early in the year, with over 600,000 shed by the end of April, and 275,000 roles being eliminated in March alone as the Trump administration took the ax to government jobs in Washington, DC.
Away from 2025, the other worst years for job cuts in the past three decades were 2001 and 2002 — around the dot-com crash — and 2009, when the financial crisis led to mass layoffs.
The report found US employers announced 71,321 job cuts in November, up 24% from the same period last year, though down more than half from the 153,074 cuts announced in October 2025.
“Job cuts in November have risen above 70,000 only twice since 2008: in 2022 and in 2008,” said Andy Challenger, chief revenue officer for Challenger, Gray & Christmas.
The firm said that telecommunications companies cut the most jobs last month, at over 15,000, followed by some 12,000 layoffs in tech.
Verizon announced
in November that it plans to lay off 13,000 employees.
Challenger’s report said restructuring and economic conditions were the most commonly cited reasons for layoffs last month.
However, the leading cause through the year remains the Department of Government Efficiency, cited in nearly 300,000 job cuts.
So far this year, AI has been cited as responsible for around 55,000 layoffs, the report said.
Meanwhile, hiring is also stuttering.
Employers have announced just shy of 500,000 planned hires through November this year, the report found. That’s down 35% from the same period last year and is the lowest year-to-date total since 2010.
“The increased spending over the Black Friday and the Thanksgiving weekend may give rise to hires in December right before the holiday,” said Challenger, the company executive. “It’s unclear, however, if those positions will last into the New Year.”
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