Layoffs in the US have skyrocketed in 2024, with 55,597 job cuts announced in October alone—an alarming 51% increase from the same month last year.
The year-to-date total for job cuts has reached 664,839, surpassing even the 2020 pandemic’s numbers. This marks the highest level of planned layoffs since the 2008 financial crisis.
The primary drivers of these layoffs are technology, healthcare, and manufacturing sectors. Major companies like Amazon, Boeing, and Nissan are leading the charge in cutting jobs.
Amazon alone is slashing thousands of roles across divisions like Audible, Twitch, and AWS. Boeing plans to cut 17,000 jobs as part of a restructuring effort. PepsiCo’s Chicago bottling plant closure will result in 131 layoffs, while General Motors is cutting 1,695 jobs.
With these challenges, rising unemployment is expected to continue into 2025 as companies restructure and adjust to economic pressures.
Layoffs in the US are surging:
US-based employers announced 55,597 job cuts in October, a 51% jump compared to October 2023.
This follows 174,597 job cuts reported in Q3 2024, 19% higher than Q3 2023, according to Challenger, Gray and Christmas data.
Year-to-date, job cut… pic.twitter.com/C5LvSXLR9p
— The Kobeissi Letter (@KobeissiLetter) November 18, 2024
Sources:
Intellizence: intellizence.com/insights/layoff-downsizing/leading-companies-announcing-layoffs-and-hiring-freezes/
Fast Company: www.fastcompany.com/91140449/here-2024s-growing-list-u-s-layoffs-by-sector
FreightWaves: www.freightwaves.com/news/over-2400-layoffs-hit-supply-chain-related-firms-across-us
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