Companies announced more than 71,000 layoffs last month in worst November since 2022: Challenger

US companies announced 71,321 layoffs last month, according to a Thursday report from the global outplacement firm Challenger, Gray & Christmas, as workers stressed about the state of a sluggish job market.

The cuts were up 24% from the nearly 58,000 planned layoffs announced in November 2024, and amounted to the highest total for the month since 2022.

The data comes on the heels of last month’s brutal Challenger, Gray & Christmas report, which detailed the worst October for layoff plans since 2003 amid a rash of cuts from major employers like Amazon, challenging the narrative that the labor market was stuck in a state of low hiring and low firing. Layoff announcements last month were at 153,074.

“Layoff plans fell last month, certainly a positive sign. That said, job cuts in November have risen above 70,000 only twice since 2008: in 2022 and in 2008,” Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray & Christmas, said in the report.

Meanwhile, the latest data from the private payroll processor ADP showed the economy unexpectedly shed 32,000 private-sector positions last month, with losses concentrated among small- and medium-sized businesses.

Official government data on job openings, hires, and layoffs for October will be released by the Department of Labor on Dec. 9, while the unemployment rate for November will be published Dec. 16.

Emma Ockerman is a reporter covering the economy and labor for Yahoo Finance. You can reach her at emma.ockerman@yahooinc.com.

Sign up for the Mind Your Money newsletter

Click here for the latest personal finance news to help you with investing, paying off debt, buying a home, retirement, and more

Read the latest financial and business news from Yahoo Finance