by Michael Snyder, The Economic Collapse Blog:
It is getting very hard to deny that the U.S. economy is moving in the wrong direction. Yesterday, ADP reported that the U.S. economy shed tens of thousands of jobs last month. Today, Challenger, Gray & Christmas is reporting that U.S. employers announced a grand total of 1.17 million job cuts through the first 11 months of 2025. That represents a 54 percent increase from the first 11 months of last year…
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U.S.-based employers have cut more than 1.17 million jobs so far in 2025, the highest level since the first year of the COVID-19 pandemic, according to a new report from outplacement firm Challenger, Gray and Christmas.
From January to November of this year, employers cut 1,170,821 jobs, a 54 percent increase from the 761,358 jobs cut during the first 11 months of 2024.
In 2020, large numbers of Americans were being temporarily laid off due to the lockdowns.
But we don’t have any lockdowns in 2025.
What we have instead is a rapidly deteriorating economy.
Traditionally, employers have been hesitant to lay off workers just before the holiday season because it can mean bad publicity.
But this November employers were not as hesitant to swing the axe as usual, and the telecom industry led the way…
Telecom alone slashed 15,139 jobs, its worst month since April 2020, when the pandemic forced widespread shutdowns.
For the year, telecom layoffs are up a staggering 268 percent.
Other industries aren’t doing much better: tech job losses are up 17 percent in 2025, food distributors (especially those that produce beef) are up 26 percent, and service-sector layoffs have climbed 64 percent.
The primary reason why the total for the telecom industry was so high last month is because Verizon suddenly decided to fire more than 13,000 employees…
Verizon is set to lay off over 13,000 workers in the coming weeks as part of a cost-cutting and restructuring initiative.
“Today, we will begin reducing our workforce by more than 13,000 employees across the organization, and significantly reduce our outsourced and other outside labor expenses,” newly appointed CEO Dan Schulman writes in a memo to employees that it also published online. “Every part of the company will experience some level of change.”
Verizon had just over 100,000 employees as of Sept. 30, meaning the layoff will reduce the headcount by 13%.
Perhaps Verizon’s new management can turn the company around.
But considering the trajectory that Verizon is currently on, it will take a miracle.
If you are searching for a job in this very tough economic environment, I feel very badly for you.
We are being told that 30 percent of all job postings are fake, and competition for any decent jobs that are available has become extremely fierce.
In the old days, having a college degree would give you an edge, but now that is a lot less true than it once was…
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