Mass Layoffs Surge to Highest Level Since 2020
Layoff announcements decreased from October to November, yet the overall number of job cuts so far in 2025 has climbed to its highest point since the widespread pandemic layoffs of 2020, according to new data from Challenger, Gray & Christmas.
The firm reported that U.S. employers disclosed 71,321 layoffs in November, a 53% drop from the 153,074 cuts announced in October.
However, November’s total was still 24% higher than the 57,727 layoffs recorded in the same month last year, marking the highest November figure since 2022. It also represents the eighth month in 2025 in which job cuts surpassed the same month in the prior year.
“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,” said Andy Challenger, workplace expert and chief revenue officer at Challenger, Gray & Christmas.
Historically, November’s job cuts stayed below 70,000 from 1993 through 2000, before the 2001 recession drove that month’s total above 181,000. Elevated November layoffs continued through 2009, and remained under 200,000 until the onset of the pandemic.
“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,” Challenger explained.
From January through November of this year, employers have announced 1,170,821 job cuts, a 54% increase from the 761,358 recorded during the same period in 2024.
This year’s cumulative figure is the highest since 2020, when companies announced 2,227,725 layoffs through November amid COVID-19 disruptions.
According to the report, this is just the sixth time since 1993 that job cuts through November have exceeded 1.1 million, making 2025’s total the fifth-highest on record for that period.
Aside from 2020, the largest year-to-date total through November occurred in 2001, another recession year, with 1,956,876 layoffs. Other elevated years included 2002 (1,373,906) and 2009 (1,242,936).
In November, the telecommunications industry saw the highest number of job cuts, with 15,139 layoffs, largely tied to reductions announced by Verizon. This marks the sector’s largest monthly total since April 2020, when 16,552 cuts were announced. In 2025, telecom companies have disclosed 38,035 layoffs, a 268% increase from last year.
The tech sector reported 12,377 layoffs in November, bringing the 2025 total to 153,536, which is 17% higher than in 2024.
Food-related companies—especially those in the beef market—announced 6,708 layoffs in November, raising the sector’s total for 2025 to 34,165, an increase of 26% year over year.
The services industry disclosed 5,509 layoffs last month, reaching 69,089 for the year, up 64% from 2024.
Retailers announced 3,290 layoffs in November, contributing to 91,954 cuts so far this year—an increase of 139% compared to last year.
