Holiday layoff taboo fades as cuts rise
Challenger, Gray & Christmas reports U.S. employers announced 71,321 planned job cuts in November 2025, up 24% year over year and only the second November since 2008 to top 70,000, suggesting companies are less reluctant to fire during the holidays. Axios cites Verizon’s 13,000 layoffs announced a week before Thanksgiving and Wells Fargo’s CEO warning of more cuts and higher severance this quarter, while economists point to tariff and inflation pressures and expect January layoffs to climb as seasonal hiring ends.
📌 Key Facts
- Planned U.S. job cuts in November: 71,321 (Challenger, Gray & Christmas), +24% YoY; only the second November since 2008 above 70,000.
- Verizon announced 13,000 layoffs shortly before Thanksgiving; Wells Fargo’s CEO expects more workforce cuts and higher severance in Q4.
- Economists say firms face tariff/inflation cost pressures and investor pressure; watchers expect a January uptick post‑seasonal staffing.
📊 Relevant Data
In 2025 Q2, the national unemployment rate was 6.2% for Black Americans (13.7% of the US population), compared to 3.4% for White Americans (57.5% non-Hispanic White population share), 5.1% for Hispanic Americans (20.0% of the population), 3.7% for Asian Americans (6.7% of the population), and 4.2% overall.
2025 Q2 | State Unemployment by Race and Ethnicity — Economic Policy Institute
In 2025, White professionals make up 62% of the US high-tech workforce (compared to 57.5% non-Hispanic White share of the population), Asian workers comprise 30% (compared to 6.7% population share), Black workers 4% (compared to 13.7% population share), and Hispanic workers 3% (compared to 20.0% population share).
Diversity in Tech Statistics 2025: Who's Still Left Out? — SQ Magazine
Black women lost 106,000 jobs in April 2025, the largest drop among any demographic group amid DEI rollbacks and workplace cultural shifts.