US-based employers announced 54,064 job cuts in September 2025, the least in three months, compared to 85,979 in August and down 25.8% yoy. Services cut the most jobs (6,290), followed by the energy sector (5,807), and technology (5,639). Considering Q3, planned layoffs by US employers totaled 202,118, the highest Q3 total since 2020. So far this year, companies have announced 946,426 job cuts, the highest YTD since 2020 and the fifth highest in the 36 years. The government sector has announced the most cuts this year (299,755), of which 289,363 were Federal workers impacted by DOGE. Technology companies followed with 107,878 job cuts. “Right now, we’re dealing with a stagnating labor market, cost increases, and a transformative new technology. With rate cuts on the way, we may see some stabilizing in the job market in Q4, but other factors could keep employers planning layoffs or holding off hiring,” said Andy Challenger, Senior VP of Challenger, Gray & Christmas.