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More Than 1 Million Jobs Have Been Cut This Year, Report Says
American companies have cut more than 1 million jobs so far this year, a new report showed Thursday, ranking 2025 among the worst years for job losses in decades as companies embrace artificial intelligence, consumer spending softens and hiring freezes take effect.
Key Facts
- Private and public employers cut 153,074 jobs in October, according to a report from career services firm Challenger, Gray & Christmas, a 183% increase from the month before and a 175% spike over the same month last year.- More than 1 million jobs have been cut so far this year, up 65% from the 664,839 announced in the first 10 months of 2024 and 44% more than cuts made in all of 2024.
- Job cuts have surpassed 1 million in a year only four other times in the last 32 years: 2001 (when the dot-com bubble burst), 2008 and 2009 (in the midst of the Great Recession) and 2020 (when the COVID pandemic struck).
- Last month brought the highest number of job cuts for any October since 2003, when large layoffs were announced in the telecommunications sector as cell phones gained wide adoption.
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