Layoffs are running historically high: US job cut announcements fell -26% YoY in September to 54,064, marking just the 3rd month this year with a YoY decline in cuts. In Q3, planned layoffs rose +16% YoY, to 202,118, the highest Q3 since the 2020 pandemic. Year-to-date, US employers have announced 946,426 job cuts, the highest total since 2020. This is also the 5th-highest reading over the last 36 years of Challenger, Gray & Christmas data. The government sector has led the increase with 299,755 job cuts in 2025, including 289,363 Federal workers. Technology and retail have followed, with 107,878 and 86,233 job cuts, respectively. The job market needs help.