Layoffs announced by U.S. employers slowed sharply in November, but companies showed little appetite to add workers, underscoring a labor market that remains stuck in caution mode as firms confront soft demand, tariff pressures, and rising operating costs.

Global outplacement and executive coaching firm Challenger, Gray & Christmas said Thursday that planned cuts fell 53% from October to 71,321, a significant pullback from the prior month’s spike. Still, November's total came in 24% higher than a year earlier, marking the biggest November tally since 2022.

“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.

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