Layoff announcements just hit the highest level since the pandemic
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Layoff announcements this year have hit their highest level since 2020, when the Covid-19 pandemic shut down the U.S. economy, consulting firm Challenger, Gray & Christmas said Thursday. Limited time: Save 25% on NBC News subscription Get exclusive reporting, live Q&As and ad-free reading. U.S.-based employers have announced plans this year to eliminate nearly 1.2 million jobs through the end of November. It’s only the sixth time since 1993 that announced job cuts through the month of November have surpassed 1.
AI Summary
Main Idea: Challenger, Gray & Christmas says U.S. layoff announcements have reached their highest level since the pandemic, with major cuts also announced at Verizon and other firms.
Key Points:
- U.S. employers announced nearly 1.2 million planned job cuts through the end of November, the highest since 2020.
- November alone saw 71,321 announced layoffs, the most for that month since 2022.
- Challenger said technology, food, and telecom companies were hit hard, and Verizon announced 13,000 job cuts.
- The report matters more than usual because the government shutdown has limited other economic data, while ADP also reported a drop in private payrolls.
Impact on the People
Negative Impact
More layoff plans, including Verizon’s 13,000 job cuts, can mean fewer paychecks, weaker consumer spending, and more stress for workers and small businesses.
Positive Impact
The public may get a clearer early warning about labor weakness while official job data is delayed.
How did each entity affect people?
Rate how each entity in this article affected the American people.
- Major:Challenger, Gray & Christmaseducational / research institution
- Major:Verizoncompany
Candidate Entities5 candidates · 5 weighted vote min · 70% decision
- Challenger, Gray & Christmaseducational / research institutionMajorEvaluated
Consulting firm cited as the source of the layoff data and central to the article’s reporting.
Include 0 (0%)Ignore 0 (0%)5 to threshold - VerizoncompanyMajorEvaluated
Named employer announcing major job cuts, one of the key examples in the layoff story.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Bureau of Labor Statisticsgovernment agency or bodyContextCandidate
Federal statistical agency whose delayed employment report is part of the article’s data context.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Donald TrumppersonContextCandidate
President whose tariff agenda and administration are discussed in relation to the jobs data.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Secretary Howard LutnickpersonContextCandidate
Commerce Secretary quoted commenting on the jobs data and administration response.
Include 0 (0%)Ignore 0 (0%)5 to threshold
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