American employers announced 761,671 job cuts in 2024, a figure that marks the highest annual total in 15 years, excluding the pandemic-driven layoffs of 2020, according to a new report from outplacement firm Challenger, Gray & Christmas. The report also shows that hiring intentions have slowed to their lowest level in nearly a decade, reflecting greater employer caution and uncertainty about the future.
The report, released on Jan. 9, paints a picture of a job landscape in 2024 that faced mounting challenges throughout the year, which was marked by high borrowing costs, a prolonged slump in U.S. manufacturing, and the highest number of corporate bankruptcies in more than a decade.
