US Employers Aim to Cut Nearly 1.2M Jobs in 2025 — Highest Since COVID
U.S. employers are slashing jobs at a rate not seen since the upheaval of the COVID-19 pandemic. This year, nearly 1.2 million jobs have been earmarked for elimination through November — the highest tally since 2020, according to a new report from Challenger, Gray & Christmas. That figure
was highlighted this week by NBC News.
November alone saw 71,321 layoffs announced, a significant drop from the roughly 153,074 cuts in October but still enough to push 2025’s cumulative layoffs over the 1.1 million-job threshold.
Economists point out that this is only the sixth year since 1993 where job-cut announcements through November have exceeded 1.1 million, placing 2025 among the worst years for layoffs in recent decades.
The surge in cuts underscores broad stress across the American labor market. Companies — especially in tech, telecommunications, retail, and warehousing — are pulling back after pandemic-era expansion. Many cite cost-cutting, restructuring, weak demand, and increasing automation as leading drivers.
For workers, the implications are serious. With fewer new hires and rising uncertainty, those who lose their jobs may face tougher competition and longer transitions. For the broader economy, declining employment and shrinking consumer demand could add strain just as companies tighten budgets and adjust operations for 2026.
As the year wraps up, analysts will be watching closely: will the layoffs slow — or accelerate — once employers finalize year-end headcount reviews?
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