Layoffs Climb To Highest Level Since 2020, New Report Says

A significant number of job reductions across the country continues to climb in 2025 to the highest level since 2020, according to a new report.

More than 1.170 million jobs were cut through November, which is an increase of 54 percent from the 761,358 announced in the first 11 months of last year, according to a report by The Challenger.

Comparing the number of job cuts year-to-date, this is the highest level since 2020 when more than 2.27 million layoffs were announced.

It is the sixth time since 1993 that job cuts through November have surpassed 1.1 million, according to The Challenger.

See the list of number of layoffs below(*indicates a recession year):

• 2020* - 2,227,725
• 2001* - 1,956,876
• 2002 - 1,373,906
• 2009* - 1,242,936
• 2025 - 1,170,821
• 2003 - 1,143,406

New Jersey is not immune to job losses. According to notices filed with the state Department of Labor through November, more than 13,000 workers are slated to lose their jobs in layoffs that are to continue into 2026.

Nearly 100 New Jersey companies have filed notices under the Worker Adjustment and Retraining Notification Act, which requires companies to alert workers and the government when large-scale layoffs are planned.

The top five NJ companies with the largest cuts include Bristol Myers Squibb with 1,156 cuts, Rite Aid with 1,122 cuts, Walmart with 668 cuts, Novartis with 485 cuts, and Harrison Sportservice Inc. with 467 cuts. Read More: NJ Job Losses: These 10 Companies Have Highest Layoffs In 2025

Across the country, the industries that were hit with the biggest job losses, according to The Challenger report, included:

1. Telecommunication - 38,035 layoff plans, up 268 percent from the 10,331 announced through the same period last year
2. Technology - 153,536 job cuts, up 17 percent from the 130,701 announced through November 2024
3. Food - 34,165 jobs were cut, a 26 percent increase from the 27,060 cuts announced in the same period last year
4. Services(cleaning, staffing, outsourcing) - 69,089 job cuts, up 64 percent from the 42,041 announced through November 2024
5. Retail - 91,954 job cuts, up 139 percent from the 38,403 cuts announced during the same period in 2024
6. Nonprofits - 91,954 job cuts, up 139 percent from the 38,403 cuts announced during the same period in 2024
7. Media - 17,163 cuts so far in 2025, up 18 percent from the 14,549 cuts announced in the first 11 months of last year
8. News - 2,254 job cuts, which is down 50 percent from the 4,537 cuts announced during the same period last year

The Challenger listed a number of reasons for the higher job cuts, including restructuring at companies, artificial intelligence (which led to 71,683 job cuts), tariffs (which led to 7,908 job cuts this year), and the DOGE Impact or direct reductions in the Federal workforce (which lef to 293,753 planned layoffs).