In November, the number of layoffs in the United States dropped sharply by 53% compared to the previous month, but the total number of layoffs for the year reached a record high since 2020.

The US job consulting firm Challenger, Gray & Christmas released a report on Thursday stating that US employers announced layoffs of 71,320 people in November, a 53% decrease from October's 153,070, but still a 24% increase compared to the same period last year. From January to November this year, US employers have announced a total of 1.17 million layoffs, a 54% increase from the same period last year. This data has reached the highest level since 2020. The report pointed out that this is the sixth time since 1993 that the cumulative number of layoffs by the end of November has exceeded 1.1 million. The total number of layoffs in November is the highest since 2022 (when 76,835 layoffs were announced). This is also the eighth month this year where layoffs have been higher than the same period last year. Andy Challenger, Chief Revenue Officer of Challenger, stated, "The decrease in layoffs last month is definitely a positive sign. However, it should be noted that since 2008, only November of 2022 and 2008 had layoffs exceeding 70,000 people." According to Challenger's tracking data, from 1993 to 2000, the number of layoffs in November had always been below 70,000. During the 2001 economic recession, the number of layoffs in November soared to over 181,000. Until 2009, the number of layoffs in November remained at a high level, and since then remained below 70,000 until before the pandemic. Challenger pointed out, "Announcing layoffs at the end of the year has been a trend to coincide with the end of most companies' fiscal year. This practice has gradually become unpopular, especially after the Great Recession, best practices dictate that layoffs should avoid holidays." In November, layoffs due to "business restructuring" resulted in 20,220 people being laid off, totaling 128,260 for the year; layoffs due to "store, business unit, or department closures" resulted in 17,140 people being laid off in November, totaling 178,530 for the year. 6,280 people were laid off in November due to "artificial intelligence" factors, bringing the total for the year to 54,690. In terms of recruitment, US employers have announced plans to hire a total of 497,150 people so far this year, a 35% decrease from the 761,950 people announced during the same period last year. This data includes 372,520 seasonal hiring plans. Challenger stated, "The increase in consumer spending on Black Friday and Thanksgiving weekend may drive recruitment demand before the holiday season in December, but it is unclear whether these positions will continue after the new year."