The layoff wave is back, and it’s hitting more than just tech.
Major U.S. employers like Amazon, Target, Starbucks, Paramount, and Molson Coors have all announced cuts in recent months. Each has its own reason — AI adoption, mergers, sluggish demand — but together they point to something bigger: a labor market losing its grip.
Nearly 950,000 job cuts have been announced through September 2025, the highest year-to-date total since 2020, and the worst (excluding 2020) since the Great Recession.
The government sector leads with about 300,000 cuts, followed by tech, retail, and transportation.
After years of “low hire, low fire,” the U.S. is shifting back toward a cycle where firings are accelerating. Pandemic-era labor hoarding is giving way to AI-driven headcount reduction, especially in entry-level roles.
Meanwhile, job openings per unemployed worker are shrinking, and jobless claims hover around 220–240k; not alarming yet, but flashing yellow.
