The recruitment firm Challenger, Gray & Christmas has added a crucial bit of insight and one big number: 1.1 million. That’s how many layoffs have been announced year to date, only the sixth time since 1993 that threshold has been breached. You have to go back to 2009 to find a year with greater layoffs, and that was in the very depths of the Great Recession.

Technology remains the hardest-hit private sector industry, with more than 150,000 job cuts announced so far this year as firms continue to reset headcount after the boom years while they increasingly lean into automation.

Specifically, U.S.-based employers announced 1,170,821 job cuts in the first 11 months of 2025, up 54% from the same period in 2024. That makes 2025 one of only six years since 1993 in which announced layoffs through November have topped 1.1 million.

Hiring plans are not offsetting the damage. Through November, per the Challenger report, employers have announced 497,151 planned hires, down 35% from the same point last year and the lowest year-to-date total since 2010.

Earnings reports increasingly reveal, as many executives call it, a “bifurcated” or “K-shaped” economy, used to describe the different trajectories of rich and poor. The wealthier cohort is spending freely, with the upper 10% accounting for nearly 50% of consumer spending (and absorbing elevated costs passed through from tariffs), while the lower-income consumer shows increasing signs of strain.

Analysts at both Goldman Sachs and Bank of America Research have noted that this recovery is a financial one, reflected in stock prices and soaring profits—and increasingly in fewer workers required in white-collar positions. The era of “jobless growth” and process over people is emerging into view, thanks to the forever layoff.

https://fortune.com/2025/12/09/forever-layoffs-job-security-k-shaped-economy-white-collar-recession-challenger-glassdoor/