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US Layoff Plans Ease, But Still Most for November Since 2022
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December 4, 2025
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6:37Now PlayingErin McLaughlin, Senior Economist at The Conference Board, discusses the mixed economic signals heading into the end of the year.
Announced layoffs at US companies fell last month after surging in October, but were still the highest for any November in three years, according to data from outplacement firm Challenger, Gray & Christmas.
Companies announced 71,321 job cuts last month, the firm said Thursday. That was about half the total from the previous month, which recorded the most announcements for any October in more than 20 years.
“Layoff plans fell last month, certainly a positive sign,” said Andy Challenger, the company’s chief revenue officer. However, the number was up 24% from a year earlier and marked just the third time since 2008 that planned job cuts for November exceeded 70,000, he said.
This is one of the last labor-market reports the Federal Reserve will see before its final meeting of the year next week, and investors are largely betting policymakers will cut interest rates again. However, officials have rarely been so divided over the path of policy, as many still prefer leaving rates elevated to keep inflation in check.
In addition to mounting layoff announcements, hiring intentions are down 35% this year compared to the same point in 2024, the report said. Year-to-date hiring plans are the lowest since 2010. That includes seasonal hires, and Challenger said there were no new holiday-hiring plans announced last month.
The telecommunications sector led planned job cuts in November, driven mostly by Verizon Communications Inc. Layoff announcements in the technology, food and services industries were also elevated, with many companies citing restructuring and economic conditions.
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