The United States is facing its heaviest wave of job cuts since the COVID-19 pandemic, with more than 1.17 million layoffs announced from January to November 2025, according to data from Challenger, Gray & Christmas. This marks only the sixth time since 1993 that annual layoffs have crossed the 1.1-million mark, placing 2025 among the worst years for job losses in decades. The last comparable spike was in 2020, when layoffs surpassed 2 million.
Most of this year’s cuts occurred early. By the end of April, employers had already eliminated over 600,000 jobs, including 275,000 in March alone after the Trump administration carried out sweeping reductions across federal departments in Washington, DC. Apart from 2025, only the dot-com crash years (2001–2002) and the 2009 financial crisis era recorded similar job-cut levels.
In November, employers announced 71,321 job cuts, a 24% rise from the same month in 2024, though significantly lower than October’s 153,074, the highest monthly figure of 2025. Telecommunications firms led with more than 15,000 layoffs, followed by around 12,000 in tech. Verizon confirmed plans to cut 13,000 roles. Restructuring and economic pressures were the most cited reasons, while nearly 300,000 cuts this year were linked to the Department of Government Efficiency. AI has also contributed to about 55,000 layoffs so far.
Hiring has weakened sharply. Employers have announced just under 500,000 planned hires through November, down 35% from last year and the lowest year-to-date level since 2010. Some seasonal hiring may occur due to increased Black Friday and Thanksgiving spending, but it is unclear whether these jobs will extend into the new year.
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