Job Cuts Spike, Marking 4th-Worst November Since 2008–09 Financial Crisis

U.S. layoffs surged in November, with nearly 60,000 job cuts announced, as economic pressures weighed on manufacturing, automotive, and technology sectors.

People wait in line to speak with prospective employers during a career fair in Los Angeles, Calif., on Nov. 2, 2023. Frederic J. Brown/AFP via Getty Images

Job cuts in the United States accelerated in November, with employers announcing 57,727 layoffs, a 3.8 percent increase from October and 26.8 percent higher than the same month last year, according to a report from Challenger, Gray & Christmas, a Chicago, Illinois-based global outplacement and career transitioning firm.

The November figure marks the fourth-highest for the month since the financial crisis of 2008–09, as economic pressures mount across key industries.