The latest report from Challenger, Gray & Christmas shows that announced job cuts by U.S. employers have surpassed 1 million for the year.
Through November, employers have announced 1,170,821 job cuts, a 54% increase from the 761,358 announced during the first eleven months of last year. Year-to-date job cuts are at their highest level since 2020.
Last month alone, US companies announced 71,321 layoffs, according to a global outplacement firm. The cuts were a 24% increase from the nearly 58,000 layoffs announced in November 2024, and the highest total for November since 2022.
In the report, workplace expert and Chief Revenue Officer at Challenger, Gray & Christmas, Andy Challenger, stated: “Layoff plans fell last month, certainly a positive sign. That said, job cuts in November have risen above 70,000 only twice since 2008: in 2022 and in 2008.”
“It was the trend to announce layoff plans toward the end of the year, to align with most companies’ fiscal year-ends. It became unpopular after the Great Recession especially, and best practice dictated layoff plans would occur at times other than the holidays.”
In November, restructuring was the reason behind 20,217 layoffs, bringing the total to 128,255 for 2025. Store, unit, or department closures accounted for 17,140 in November, with a total of 178,531 for the year.
Artificial Intelligence (AI) was credited for 6,280 layoffs in November. To date this year, AI has been responsible for 54,694 layoff plans.
Meanwhile, market and economic conditions were cited for 15,755 job cuts in November.ich reflects the loss of federal funding to private and non-profit entities.
By November, US employers had announced 497,151 planned hires, which is 35% less than the 761,954 announced by this time in 2024.
“The increased spending over the Black Friday and the Thanksgiving weekend may give rise to hires in December right before the holiday. It’s unclear, however, if those positions will last into the New Year,” said Challenger.
By CEO NA Editorial Staff
