From January through October, U.S. employers cut 1,099,500 jobs — up from 664,839 during the same period in 2024, according to a Nov. 6 report from executive coaching firm Challenger, Gray & Christmas.
Six things to know:
1. That figure represents a 65% increase from the first 10 months of 2024 and a 44% increase from all of last year, according to the report.
2. Year-to-date job cuts are also at their highest level since 2020, when 2,304,755 cuts were announced through October.
3. The 153,074 job cuts in October represent a 175% increase from October 2024 and a 183% increase from September 2025. It was the highest number of October cuts since 2003, when 171,874 were recorded.
4. Healthcare recorded 4,339 cuts in October, up from 3,022 year over year.
5. Although healthcare was not among the top industries for job cuts in October, Becker’s has reported on at least 87 hospitals and health systems that eliminated jobs in 2025, including 10 organizations in October. The reductions ranged from seven layoffs tied to oncology service cuts to about 650 employees affected in Philadelphia-based Jefferson Health laying off 1% of its workforce.
6. Cost-cutting was the most common reason for job reductions in October, according to the report.
“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,” Andy Challenger, chief revenue officer for Challenger, Gray & Christmas, said in the report. “Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market.”
