November Challenger Report: US Job Cuts Down 53% From October

U.S.-based companies reported 71,321 job cuts last month, down 53% compared to October’s finding of 153,074 cuts, according to the November Challenger Report from outplacement firm Challenger, Gray & Christmas. The November total was up 24% from the 57,727 job cuts reported a year prior in November 2024 and was the highest total for the month since 2022.

In the first 11 months of 2025, employers announced a total of 1,170,821 job cuts, up 54% compared to the same 11-month period in 2024. This year-to-date figure is the highest since the pandemic disrupted the labor market in 2020. It is also just the sixth time since 1993 that year-to-date job cuts exceeded 1.1 million.

“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,” says Andy Challenger, chief revenue officer for Challenger, Gray & Christmas.

The telecommunications sector reported the highest number of job cuts last month (15,139), driven by Verizon’s ongoing plan to eliminate more than 13,000 jobs. The technology sector ranked second with 12,377 cuts, followed by food companies with 6,708.

The top three reasons cited for November job cuts were:

• Restructuring: 20,217
• Closing: 17,140
• Market/economic conditions: 15,755

Year-to-date, businesses have announced 497,151 planned hires, the lowest total for the same 11-month period since 2010.

With the Federal Reserve scheduled to meet this week, the Challenger data and other private data indicators could partially supplement the government data missing from the November Employment Situation Report, whose publication has been delayed until after the Fed announces its interest rate decision.