Employers have cut more than 1.1 million jobs through November of this year, the most since 2020, when companies laid off 2.2 million workers during the pandemic, according to a new report from outplacement firm Challenger, Gray & Christmas.

The layoffs represent a 54% increase from the same period a year earlier, when employers cut 761,358 jobs, according to the firm. It's also only the sixth time since 1993 that job cuts during the first 11 months of the year have risen above 1.1 million.

Here's what is driving the increase in 2025 layoffs, according to Challenger, Gray.

Tech is driving the surge in job cuts

The technology sector is leading this year's job cuts, laying off 153,536 workers through November, according to Challenger. That's a 17% jump from the 130,701 layoffs tech fir

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