Announcements imply future, not immediate, layoffs and unemployment claims.
Job Cuts Soar, Hiring Plans Plunge
Please consider Challenger, Gray & Christmas, Inc. Job Cut Announcement Report for November.
U.S.-based employers announced 71,321 job cuts in November, up 24% from the 57,727 job cuts announced in the same month last year. It is down 53% from the 153,074 cuts announced one month prior, according to a report released Thursday from global outplacement and executive coaching firm Challenger, Gray & Christmas.
November’s total is the highest for the month since 2022 when 76,835 job cuts were announced. It is the eighth time this year job cuts were higher than the corresponding month one year earlier.
“Layoff plans fell last month, certainly a positive sign. That said, job cuts in November have risen above 70,000 only twice since 2008: in 2022 and in 2008,” said Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray & Christmas.
Through November, employers have announced 1,170,821 job cuts, an increase of 54% from the 761,358 announced in the first eleven months of last year. Year-to-date job cuts are at the highest level since 2020 when 2,227,725 cuts were announced through November. It is the sixth time since 1993 that job cuts through November have surpassed 1.1 million.
Numbers Through November (* indicates recession)
- 2020* 2,227,725
- 2001* 1,956,876
- 2002 1,373,906
- 2009* 1,242,936
- 2025 1,170,821
- 2003 1,143,406
Industries Cutting the Most in November
- Telecommunication: Telecommunication providers announced 15,139 job cuts in November, primarily on plans from Verizon. This is the highest monthly total since April 2020 when 16,552 layoffs were announced. So far this year, the sector has announced 38,035 layoff plans, up 268% from the 10,331 announced through the same period last year.
- Technology: Technology continues to lead in private-sector job cuts as Tech companies announced 12,377 in November. So far this year, these companies have announced 153,536 job cuts, up 17% from the 130,701 announced through November 2024.
- Food: Food companies, particularly those that handle beef products, announced 6,708 cuts in November. Year to date, the sector has cut 34,165 jobs, a 26% increase from the 27,060 cuts announced in the same period last year.
- Services: The Services sector, which includes companies that provide support to other businesses such as cleaning, staffing, and outsourcing firms, announced 5,509 job cuts in November, up from 1,990 in October. Year to date, the sector has announced 69,089 job cuts, up 64% from the 42,041 announced through November 2024.
- Retail: Retail companies announced 3,290 job cuts in November, up from 2,431 in October. For the year, the sector has announced 91,954 job cuts, up 139% from the 38,403 cuts announced during the same period in 2024, as companies adjust workforce levels amid softening demand, tariff uncertainty, and changing consumer preferences.
- Non-Profits: Non-profits continue to be impacted by Government funding cuts as well as rising costs and lower giving trends. These entities announced plans to cut 28,696 this year, an increase of 409% from the 5,640 announced by this point in 2024.
- Media & News Cuts: The Media industry has announced 17,163 cuts so far in 2025, up 18% from the 14,549 cuts announced in the first eleven months of last year. News, which Challenger tracks as a subset of Media and includes broadcast, digital, and print, has announced 2,254 job cuts so far this year, 179 of which occurred in November. For the year, News cuts are down 50% from the 4,537 cuts announced during the same period last year.
Hiring Plans
Through November, U.S. employers have announced 497,151 planned hires, down 35% from the 761,954 announced at this point in 2024. It is the lowest year-to-date total since 2010, when 392,033 new hires were planned through November.
Announcements Not Immediate
Challenger provides 13 pages of detailed reports and tables. Inquiring minds may wish to take a closer look.
Bear in mind these layoff announcements are not immediate. These November announcements impact future unemployment and unemployment claims.
Announcements through November total 1,170,821.
With one month to go, that’s the highest total since 1,228,030 at the end of the Great Recession in 2009 (not counting the Covid record of 2,304,755 in 2020).
Warn Notices
The Department of Labor discusses Warn Notices.
The WARN Act requires employers with 100 or more full-time employees (not counting workers who have fewer than 6 months on the job) to provide at least 60 calendar days advance written notice of a worksite closing affecting 50 or more employees, or a mass layoff affecting at least 50 employees and 1/3 of the worksite’s total workforce or 500 or more employees at the single site of employment during any 90-day period. Not all dislocations require a 60-day notice; the WARN Act makes certain exceptions to the requirements when employers can show that layoffs or worksite closings occur due to faltering companies, unforeseen business circumstances, and natural disasters. In such instances, the WARN Act requires employers to provide as much notice to their employees as possible.
Again, these November announcements, and some from October, impact future unemployment and unemployment claims.
The October-November total is 153,074 + 71,321 = 224,395.
Small Businesses Drop 120,000 Jobs in November, ADP Total Down 32,000
Please note Small Businesses Drop 120,000 Jobs in November, ADP Total Down 32,000
It’s another grim month according to ADP. Small Business employment declined by 120,000 in November.
No Surprise
None of this is a surprise. I have been discussing, and predicting this all year.
The tariff impact on small businesses is starting to take a big toll on small businesses.
Initial Unemployment Claims Plunge by 27,000. Is This Plausible?
Earlier today, I asked Initial Unemployment Claims Plunge by 27,000. Is This Plausible?
What Happened?
I suspect three things. First, the seasonal adjustments are messed up.
Second, the number of people eligible to file a claim is dropping. The self-employed have no benefits and cannot file. Tariffs hit small businesses and the self-employed disproportionately.
Third, immigrants (legal or not), are fearful of calling attention to being unemployed.
Those three things likely explain today’s seemingly preposterous number.
Regardless, my “adjusted continued claims” total tells a much more serious problem. See the above article for charts and explanation.
Finally, the Challenger and ADP numbers support my conclusions.
It’s becoming increasingly expensive to do Business in the US. Employee costs are crazy (autoworkers cost $75/hour) on top of regulatory costs, and now, business must pay tariff taxes. We like river cruising and a river cruise in the US costs roughly twice a river cruise in Europe. Vendors, like Viking, must pay for US help and satisfy government mandates. We are not competitive given high labor costs and government mandates.
This thing is going down like MH370. We know the ending. How long and when is anyone’s guess.
Hyundai Motor Group Commits to U.S. Growth with USD 21 Billion Investment
SEOUL, March 24, 2025 – Hyundai Motor Group (the Group) is announcing a significant investment of USD 21 billion in the United States from 2025 to 2028.
This commitment reflects the Group’s strategic focus on expanding its manufacturing capabilities, advancing future technologies, and enhancing energy infrastructure in America. This latest U.S. investment builds on the Group’s existing allocation of approximately USD 20.5 billion since entering the U.S. market in 1986.
“Hyundai Motor Group is deepening its partnership with the United States, reinforcing our shared vision for American industrial leadership. The Group’s investment and efforts will further expand our operations in the U.S. and grow our American workforce. Thank you to our American partners, employees, and communities. We’re proud to stand with you, and proud to build the future together.”
Expanding automotive production capacity
To reinforce its production capabilities, the Group will invest a total of USD 9 billion to establish an annual production capacity in the U.S. of 1.2 million vehicles across its automotive brands, Hyundai Motor, Kia, and Genesis.
In addition, the Group plans to invest in improving its production facilities, including Hyundai Motor Manufacturing Alabama and Kia Autoland Georgia, to further enhance its customer-centric approach in delivering high-quality automobiles.
Enhancing parts localization and logistics to strengthen supply chain
A total of USD 6 billion will be allocated to increase the localization rate of automotive components – including core parts for electric vehicles (EVs), such as battery packs – to form an auto cluster following expansion of the Group’s production facilities, as well as strengthening Group logistics to ensure robust supply chains and investing in steel production in the U.S.
Hyundai Steel, the Group’s steel affiliate, will construct an Electric Arc Furnace (EAF) steel mill in the state of Louisiana, capable of producing 2.7 million tons of steel annually. This facility will produce low-carbon steel sheets using the abundant supply of steel scrap in the U.S. with the aim of enhancing the Group’s agility and flexibility in response to external uncertainties.
Strengthening collaboration in future industries and investing in energy infrastructure
The Group will invest USD 6 billion to drive innovation and expand strategic partnerships with U.S. companies in areas including autonomous driving, robotics, artificial intelligence (AI), and advanced air mobility (AAM).
Key initiatives include:
As part of its USD 6 billion commitment, the Group will also invest in energy infrastructure projects to secure new business opportunities and contribute to the development of sustainable energy generation, including:
Through these investments, the Group anticipates it will create 14,000 new direct full-time jobs in the U.S. by 2028. The overall economic impact is expected to generate more than 100,000 direct and indirect job opportunities across related industries.
The Group plans to hold its Hyundai Motor Group Metaplant America Grand Opening celebration in Georgia, U.S., later this week, marking the completion of the largest economic development project in Georgia’s history, just two and a half years after breaking ground.
HMGMA exemplifies HMG’s dedication to driving economic growth, furthering technological advancements, and delivering sustainable solutions to the U.S. market, creating or supporting over 570,000 jobs nationwide.
Now Honda can own part of the United States. The plants will likely be automated and employ limited numbers of Americans. The administration will breast beat and screech-“no one has ever seen anything like it”.
200 basis point cut in interest rates needed NOW! That will fix the unemployment problem! [rotflol]
OT
https://www.unz.com/bhua/the-uss-long-game-in-xinjiang/
@ Mish
I’ve recommended this guy to you a few times, because he’s like you: knowledgeable and honest. So, why not check him out??
https://kdwalmsley.substack.com/p/what-trade-war-juggernaut
Because it’s really rude to advertise blogs on somebody’s blog.
Did you read the article? It’s completely in Mish’s wheelhouse. The guy loves in China and regularly discusses US and China trade. It complements what Mish writes about and would help him and you if you want to learn more about the same topics.
Every contributed link by any reader can be called an “advertisement”.
It’s not rude. You and your upvoters owe me an apology.
First Mish bans me for misreading one of my satirical comments (meant to mock people with TWS). Now this.
I’m done.
Buh bye.
meanwhile: U.S. Steel to restart second blast furnace at Granite City Works
https://spectrumlocalnews.com/mo/st-louis/news/2025/12/04/granite-city-works-will-restart-one-of-idled-blast-furnaces
Yep. That facility has been shut down since 2023 because it is uncompetitive and unprofitable. But putting 50% tariffs on imported steel raises steel prices high enough to justify restarting that old inefficient blast furnace and bringing back up to 800 employees.
The downside is that tens of thousands of US companies that use steel have to pay a lot more for it than their foreign competitors, making them even less competitive now. That results in more job losses than gains.
PLANO, Texas, (Nov. 18, 2025) – Toyota’s U.S. manufacturing presence is expanding again to meet growing demand for hybrid vehicles. As a part of Toyota’s recent commitment to invest up to $10 billion in the U.S. over the next five years, the company announces a $912 million investment and 252 new jobs across five manufacturing plants to increase hybrid capacity and bring hybrid-electric Corollas to its production lineup.
This investment in Toyota’s plants in West Virginia, Kentucky, Mississippi, Tennessee and Missouri further builds on the company’s ongoing commitment to reinvesting profits in its U.S. operations.
“Customers are embracing Toyota’s hybrid vehicles, and our U.S. manufacturing teams are gearing up to meet that growing demand,” said Kevin Voelkel, senior vice president, manufacturing operations. “Toyota’s philosophy is to build where we sell, and by adding more American jobs and investing across our U.S. footprint, we continue to stay true to that philosophy.”
A state-by-state look at the new investments, totaling $912 million and 252 new jobs:
Toyota West Virginia: $453 million, 80 jobs
Toyota’s Buffalo, W.V. plant will add 80 jobs to increase assembly of 4-cylinder hybrid-compatible engines, sixth-generation hybrid transaxles and rear motor stators. The expansion, which will begin production in 2027, also includes new shift patterns for greater efficiency. Toyota West Virginia assembles more than one million engines, transmissions and hybrid transaxles annually and represents a $3.3 billion investment.
Toyota Kentucky: $204.4 million, 82 jobs
Toyota’s largest plant globally, located in Georgetown, Ky., will add 82 jobs and install an all-new machining line for 4-cylinder hybrid-compatible engines, lining off in 2027. The powertrain facility can assemble up to 700,000 units annually. Toyota Kentucky employs nearly 10,000 team members and represents an investment exceeding $11 billion.
Toyota Mississippi: $125 million
Toyota’s Blue Springs, Miss. plant will add the hybrid-electric Corolla – marking the first electrified Corollas assembled in the U.S. The plant employs 2,400 and represents a $1.3 billion investment.
Toyota Tennessee: $71.4 million, 33 jobs
Toyota’s casting plant in Jackson, Tenn. will add 33 jobs to increase production of hybrid transaxle cases and housings and engine blocks for hybrid vehicles. The investment includes three all-new production lines and will increase production capacity by nearly 500,000 units annually. Production on the new lines will start in 2027 and 2028. The plant represents a $497 million investment.
Toyota Missouri: $57.1 million, 57 jobs
Toyota’s casting plant in Troy, Mo. will add 57 jobs and a new cylinder head production line for hybrid vehicles. The new line, which will start production in 2027, will increase plant capacity by more than 200,000 cylinder heads annually and bring the total investment to $629 million.
Hooray – I will add 252 jobs spread out over 5 years or whenever.
The overall economic benefit will be much higher. assuming it happens.
But it won’t do much of anything for some time. Meanwhile, I am very skeptical of such announcements, most made to appease Trump who will be gone at the end of his term, if not before, for any number of physical or mental reasons
252 jobs at a cost of $785,900,000 = $3,118,651 cost per job. This should serve as a self-explanatory reason why manufacturing is so expensive in the United States.
By that math if you want to employ 1 million people in US, you would need $3.1 trillion dollars invested.
They haven’t added any jobs as of today. What they are planning on doing is purchasing a bit of the United States. Foreign investment is a tricky thing.
Feb through May 2026 numbers will tell us whether the AI threat to jobs is “real”, or not.
Trump is making the same mistake Biden did. He is assuming if the numbers are getting better then things aren’t getting worse. The Fed will likely save Trump the way it did Biden. With more inflation. That will lead to a broader depression by 2027 imo.
>> Trump is making the same mistake Biden did.
>> He is assuming if the numbers are getting better
>> then things aren’t getting worse.
He’s a thug like Biden. But he’s not assuming this and neither was Biden. They just lie. That’s it. They lie because NATO-stan royals’ primary business is war (waging it, preparing for it). It’s just business to lie to the serfs like cannon fodder.
It’s not their “mistake” to bullshit the voters. It’s voters’ mistake to listen to anything they say rather than watch what they do.
If you lose your job, just trade stocks and you will be fine. We are in the middle innings of this rally. The big boys are about to sell and leave the retail investor in the dust.
Wait… contradictory? Maybe there’s an implicit sarc tag and I’m misreading.
Two points here:
The Anti-MAGA Economics of the Second Trump Administration
https://cepr.org/voxeu/columns/economics-second-trump-administration
“It is the eighth time this year job cuts were higher than the corresponding month one year earlier.”
The BLS is woefully behind the curve. Call a recession yesterday.
Trumpnomics is just getting started unfortunately for those trying to find a job or without one.
You should have labeled this post, “Trump, the Job Grinch Who Stole Everyone’s Christmas”
Oh well, at least the White House ballroom is being made as large as possible with no expense spared. I hear we may be getting ready to bail out Japan too, plenty of money for everyone but Americans…
Got exit strategy?
MPO, if you’re going to repeat that phrase this much, please monetize it!
How about a split-portrait with Trump on the left and Gorbachev on the right. Or just put Gorbachev’s distinct birth mark onto a balding trump.
Caption underneath: “Got exit strategy?”
Considering that the “business cycle” was apparently repealed since my first high school econ class, this is absolutely outrageous!