Layoffs in the U.S. surged by 160,000 in September 2024, pushing the total layoffs for the year to a staggering 1.83 million—the second-highest level in four years. This sharp increase highlights the growing instability in the job market.
The monthly layoff count has climbed dramatically. Over the last three years, monthly layoffs jumped by 540,000, a 42% increase, as the labor market continues to weaken. The layoff rate, which tracks layoffs as a percentage of total employment, rose to 1.2%, marking its highest level since December 2020.
Private sector layoffs, in particular, reached 1.78 million, the highest in nearly four years. This trend underscores the significant challenges many companies face, adding to concerns over a labor market under increasing strain. The steady rise in job losses points to the pressures weighing on the U.S. economy as businesses navigate an environment of slowing demand and tightening budgets.
Sources