Summary
Over a million Americans have lost their jobs this year, marking the highest number of layoffs in five years, excluding the initial coronavirus pandemic period. Employers announced over 71,000 job cuts in November, continuing a trend of increased layoffs. Factors affecting this trend include higher costs and companies' increased use of technology like AI.
Key Facts
- Over 1 million American workers have been laid off this year.
- The current number of layoffs is the highest since the COVID-19 pandemic's onset.
- In November, 71,321 job cuts were announced by U.S. employers.
- Job cuts in November increased by 24% compared to the same month last year.
- A total of 1.17 million job cuts have been announced up through November.
- The 2023 layoffs are the highest since the month of November in 2020.
- Companies are increasingly relying on AI and automation.
- Higher consumer costs and interest rates are slowing down spending.
