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Job Cuts Explode – Up 65 Percent Compared To Last Year – The Employment Market Has Become...
It is starting to look a lot like the Great Recession again. I thought that the pace of layoffs in 2024 was bad, but it has just exploded here in 2025. Vast numbers of good paying jobs are being ruthlessly eliminated, and competition for any decent jobs that are still available has become extremely fierce. In some cases, workers that have many years of experience are applying for hundreds of jobs but are not even able to get a single interview. I have said this before, and I will say it again. If you currently have a job that you highly value, hold on to it as tightly as you can. You don't want to be left without a chair when the music stops playing.
On Thursday, we got the latest employment numbers from Challenger, Gray & Christmas, and they are extremely sobering…
U.S.-based employers announced 153,074 job cuts in October, up 175% from the 55,597 cuts announced in October 2024. It is up 183% from the 54,064 job cuts announced one month prior, according to a report released Thursday from global outplacement and executive coaching firm Challenger, Gray & Christmas.
"October's pace of job cutting was much higher than average for the month. Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes. Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market," said Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray & Christmas.
I specifically warned that the pace of job cuts was accelerating.
But these numbers are so bad that they even surprised me.
183 percent higher than last month and 175 percent higher than last October?
Are you kidding me?
The number of job cuts in the U.S. hasn't been this high during the month of October since 2003.
That was 22 years ago.
Just think about that.
Overall, during the first 10 months of 2025 the number of job cuts was 65 percent higher than during the first 10 months of 2024…
Through October, employers have announced 1,099,500 job cuts, an increase of 65% from the 664,839 announced in the first ten months of last year. It is up 44% from the 761,358 cuts announced in all of 2024.