US Job Cut Announcements Spike in July

According to the latest job cuts report from Challenger, Gray & Christmas, Inc. (CG&C) released on Thursday, US-based employers announced 62,075 job cuts in July—up 29% from June’s total of 47,999. Year-over-year, cuts were up 140% from the 25,885 announced in the same month last year.

So far in 2025, companies have announced 806,383 job cuts—the highest year-to-date total since 2020, when 1,847,696 cuts were recorded. This marks a 75% increase from the 460,530 cuts announced during the same period in 2024 and a 6% rise from the full-year total of 761,358 reported in 2024.

CG&C noted that job cuts in July were widespread, with notable reductions across government and the technology, retail, nonprofit, and automotive sectors.

Hiring Plans

Hiring announcements continue to lag pre-pandemic norms. Through July, employers planned to add 86,132 jobs—up from 73,596 announced during the same period in 2024.

The entertainment and leisure sector accounted for nearly one-third of all announced hiring so far this year, with 28,190 new positions, suggesting a rebound in seasonal and service-related roles. Insurance employers announced plans for 12,800 hires, compared to none at this point last year. Automotive companies reported 6,161 new jobs, up from 4,122 in 2024.