US-based employers announced 76,835 cuts in November, a 127% increase compared to the month prior. This marks the sixth month so far this year in which job cuts have been higher than the corresponding month last year. That said, the year-to-date total remains the second-lowest on record – only trailing behind last year’s total.
The surge in job cuts last month owes much to a jump in tech layoffs (52,771). That brings the year-to-date total to 80,798 job cuts – which is the highest since 2002.