U.S. employers announced plans to lay off 71,321 employees in November, bringing the year-to-date count to 1.17 million, according to outplacement firm Challenger, Grey & Christmas. That’s 54% more than the 11-month period a year ago and marks the highest amount since 2020 when the Covid-19 pandemic disrupted the global economy.
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“It was the trend to announce layoff plans toward the end of the year, to align with most companies’
fiscal year-ends,” said Challenger.
AI Advancements Could Spur Job Cuts
Last month, Verizon (VZ) announced its largest-ever round of layoffs with over 13,000 cuts. In October, Amazon (AMZN) said it would slash its corporate workforce by roughly 14,000 roles.
That comes as the unemployment rate rose to 4.6% in November, registering a four-year high. Looking ahead, analysts warn that layoffs may continue into the new year as AI developments accelerate the need for fewer workers.
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