US Layoffs Surge Past 2008 Crisis Levels as 2025 Job Cuts Top 1 Million
Employers are cutting jobs at the fastest pace since the pandemic, with November's 71,321 layoffs contributing to a year-to-date total of 1,170,821—a 54% increase from 2024. This marks the highest workforce reduction since the Great Recession, echoing patterns seen in 2001, 2008, and 2020 downturns.
Verizon's restructuring drove 15,139 November terminations alone, part of a 268% annual spike in telecom cuts. The 70,000+ monthly job loss threshold, breached only twice since 2008, now fuels recession concerns for 2026 as consumer spending weakens.
Market sentiment mirrors the unease, with crypto assets showing heightened volatility. Bitcoin and ethereum trade sideways as investors weigh macroeconomic risks against institutional adoption trends.
