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Employers have cut over one million jobs so far this year, with announced layoffs surging in October to levels not seen in decades. Some experts have been warning about a possible recession.
“U.S. employers have announced 1.1 million layoffs so far this year — the largest reading since the pandemic recession and on par with 2008 and 2009 job cuts during the Great Recession,” The Washington Post reported on Thursday, pointing to a report from Challenger, Gray & Christmas, which tracks workplace reductions.
Major corporations have cut or are reportedly planning to cut thousands of positions this year:
UPS: 48,000 employees
Amazon: Up to 30,000 employees
Intel: 24,000 employees
Microsoft: 15,000 employees
Target: 1,800 employees
"Employers announced more than 153,000 job cuts last month, a 183 percent increase from the month before, marking the worst October for layoffs since 2003,” the Post reported, citing data from the Challenger report.
“The worst October in 22 years” is how CNN reported the news.
“We’re entering new territory with these layoffs in October,” Challenger CEO John Challenger told the Post. “We haven’t seen mega-layoffs of the size that are being discussed now — 48,000 from UPS, potentially 30,000 from Amazon — since 2020 and before that, since the recession of 2009. When you see companies making cuts of this size, it does signal a real shift in direction.”
Amid the job cuts, the “AI bubble,” President Donald Trump’s massive deportations and tariffs, record-high household debt, climbing automobile payment and consumer loan delinquencies, some believe a recession may be in America’s future.
“Employment has stalled, companies are announcing massive layoffs to appease Wall Street, and car repossessions just reached 2009 (recession) levels,” wrote economics professor and managing director of an economic consulting firm, Hal Singer, just last week. “The GDP numbers mask real suffering in the economy. And the only fiscal tool in the Trump policy kit are tax cuts for the wealthy. This could get ugly.”
Late last month Moody’s Analytics Chief Economist Mark Zandi said 22 U.S. states are already in a recession, Moneywise reported.
"While Zandi did emphasize that the U.S. is not in a recession just yet, he told MarketWatch that ‘we’re on the precipice,’ blaming much of the problem on President Trump’s tariffs and federal job cuts.”
“A growing number of states are struggling, some already in recession, others right on the edge,” Zandi wrote. “Together, they account for nearly a third of U.S. GDP. The national economy isn’t there yet, but it’s clearly losing steam.”
Pointing to a list of ten major corporations’ jobs cuts, U.S. Senator Elizabeth Warren (D-MA) last week declared, “This is Donald Trump’s economy.”
CNN Thursday morning reported that a “brand new report is out … and it shows layoff announcements hit their highest level for October in over 20 years.”
“It’s painting a picture of a job market that is really hurting,” CNN’s Matt Egan noted.