Layoff tsunami hits US as 71,000 jobs slashed in November: 2025 becomes first 1.1 million+ cut year since

US layoffs surged again in November, with employers announcing 71,321 job cuts, according to new data from Challenger, Gray & Christmas. The monthly total fell sharply from Octobers 153,074 reductions but remained 24% higher than the same month last year. The bigger picture is more alarming. With Novembers cuts added in, 2025 has now crossed 1.17 million layoffs, making it the first year since the pandemic to break the 1.1 million mark.