US-based employers announced 71,321 job cuts in November, which marks a 53% decline compared to the previous month at least. But when compared to the same period last year, layoffs were 24% higher and this is the highest November month tally since 2022. So, that puts things into better context at least.

As a whole, total job cuts for the 2025 year-to-date amount to roughly 1.171 million – which is up 54% compared to the 2024 year-to-date through to November.

Meanwhile, planned hires only totaled to 497,151 – which is the lowest year-to-date total since 2010, and down 35% compared to 2024.

Once again, all of this just continues to point to further softening in labour market conditions as a whole.