U.S. Layoff Plans Top 1.17 Million, Highest Since 2020

Layoff announcements in the United States have crossed a sobering threshold this year. Employers have unveiled plans to cut about 1.17 million jobs through November, the highest year-to-date total since the pandemic year of 2020, according to new data from outplacement firm Challenger, Gray & Christmas.

What Happened

In November, U.S. employers announced 71,321 planned job cuts—down sharply from October’s pace yet still elevated compared with a year earlier. November cuts fell 53% from October but were 24% higher than November 2024, making it the highest November since 2022. Year to date, announced cuts total 1,170,821, a 54% jump from the same period in 2024 and one of only six times since 1993 that January–November cuts have exceeded 1.1 million.

The mix of cuts continues to reflect restructuring and industry-specific pressures. Telecommunications and technology were among the hardest-hit sectors in November, while artificial intelligence was cited in 6,280 layoffs for the month and 54,694 for the year so far, according to Challenger’s breakdown of reasons.

The Context

October marked a turning point: companies announced 153,074 job cuts, the most for any October in more than two decades, highlighting how cost controls and automation have been rippling through payrolls. That surge helped push the annual tally beyond 1 million before the holidays, reinforcing signs that employers are trimming headcount more aggressively than last year.

At the same time, planned hiring has cooled notably. Employers have announced 497,151 hires so far in 2025—down 35% from 2024 and the lowest year-to-date level since 2010. Hiring plans are the lowest since 2010, a signal that even as some companies slow layoffs, many are proceeding cautiously on additions.

Why It Matters

The data suggest a labor market in transition: fewer mass announcements than in October, but a higher overall pace of cuts than last year and a thinner pipeline of new jobs. For workers, that can mean longer searches and fewer open roles, particularly in sectors undergoing restructuring or leaning more heavily on automation. For policymakers and investors, the split picture—easing monthly cuts but elevated yearly totals—complicates read-throughs on wage pressures and consumer strength heading into year-end.

What’s Next

Seasonal hiring has also been subdued. Challenger tallied 372,520 seasonal positions announced through November, the lowest since the firm began tracking that figure in 2012. December’s updates—and whether companies keep opening short-term roles—will shape how much relief, if any, the job market can expect to close out 2025.

Sources

• US planned job cuts fall 53% in November, Challenger says — Reuters (December 4, 2025)
• Challenger Report: 71,321 Job Cuts on Restructurings, Closings, Economy — Challenger, Gray & Christmas (December 4, 2025)
• US Posts Most October Layoffs in More Than 20 Years — Bloomberg (November 6, 2025)