Overview
- Employers have announced 1,099,500 job cuts so far in 2025, up 65% from the same period last year and already 44% above all of 2024.
- Cost-cutting was the top reason for October reductions with 50,437 cuts, while AI-driven restructuring was second with 31,039 in the month and 48,414 year to date.
- Warehousing led October losses with 47,878 announced cuts, followed by technology with 33,281 as companies recalibrate after pandemic-era expansion.
- Hiring plans are the weakest since 2011, and announced seasonal hiring through October is the lowest since tracking began in 2012.
- Economists note a disconnect between rising corporate profits and mounting layoffs, with the Fed watching cut announcements as ADP shows modest private payroll growth.