Announced job cuts from Challenger, Gray & Christmas have risen sharply in last three recessions: Job cut announcements from the Challenger report and the unemployment rate, 1994–present
| date | Job cuts (thousands) | Unemployment rate |
|---|---|---|
| Mar-1994 | 64.2 | 6.5% |
| Apr-1994 | 39.9 | 6.4% |
| May-1994 | 40.5 | 6.1% |
| Jun-1994 | 35.8 | 6.1% |
| Jul-1994 | 30.1 | 6.1% |
| Aug-1994 | 33.5 | 6.0% |
| Sep-1994 | 39.2 | 5.9% |
| Oct-1994 | 47.0 | 5.8% |
| Nov-1994 | 41.0 | 5.6% |
| Dec-1994 | 32.8 | 5.5% |
| Jan-1995 | 31.7 | 5.6% |
| Feb-1995 | 32.5 | 5.4% |
| Mar-1995 | 32.6 | 5.4% |
| Apr-1995 | 24.8 | 5.8% |
| May-1995 | 34.0 | 5.6% |
| Jun-1995 | 38.2 | 5.6% |
| Jul-1995 | 40.7 | 5.7% |
| Aug-1995 | 32.3 | 5.7% |
| Sep-1995 | 29.9 | 5.6% |
| Oct-1995 | 35.9 | 5.5% |
| Nov-1995 | 38.6 | 5.6% |
| Dec-1995 | 45.9 | 5.6% |
| Jan-1996 | 64.6 | 5.6% |
| Feb-1996 | 62.1 | 5.5% |
| Mar-1996 | 56.2 | 5.5% |
| Apr-1996 | 34.0 | 5.6% |
| May-1996 | 33.0 | 5.6% |
| Jun-1996 | 33.9 | 5.3% |
| Jul-1996 | 37.6 | 5.5% |
| Aug-1996 | 34.1 | 5.1% |
| Sep-1996 | 30.6 | 5.2% |
| Oct-1996 | 32.6 | 5.2% |
| Nov-1996 | 35.7 | 5.4% |
| Dec-1996 | 38.3 | 5.4% |
| Jan-1997 | 36.8 | 5.3% |
| Feb-1997 | 40.5 | 5.2% |
| Mar-1997 | 44.8 | 5.2% |
| Apr-1997 | 35.3 | 5.1% |
| May-1997 | 28.8 | 4.9% |
| Jun-1997 | 17.1 | 5.0% |
| Jul-1997 | 28.1 | 4.9% |
| Aug-1997 | 30.1 | 4.8% |
| Sep-1997 | 32.0 | 4.9% |
| Oct-1997 | 31.6 | 4.7% |
| Nov-1997 | 38.4 | 4.6% |
| Dec-1997 | 50.9 | 4.7% |
| Jan-1998 | 59.2 | 4.6% |
| Feb-1998 | 58.1 | 4.6% |
| Mar-1998 | 46.4 | 4.7% |
| Apr-1998 | 38.6 | 4.3% |
| May-1998 | 33.1 | 4.4% |
| Jun-1998 | 43.8 | 4.5% |
| Jul-1998 | 44.4 | 4.5% |
| Aug-1998 | 47.6 | 4.5% |
| Sep-1998 | 53.7 | 4.6% |
| Oct-1998 | 67.3 | 4.5% |
| Nov-1998 | 72.1 | 4.4% |
| Dec-1998 | 82.1 | 4.4% |
| Jan-1999 | 78.2 | 4.3% |
| Feb-1999 | 81.6 | 4.4% |
| Mar-1999 | 70.2 | 4.2% |
| Apr-1999 | 61.8 | 4.3% |
| May-1999 | 59.5 | 4.2% |
| Jun-1999 | 57.7 | 4.3% |
| Jul-1999 | 57.8 | 4.3% |
| Aug-1999 | 58.5 | 4.2% |
| Sep-1999 | 57.7 | 4.2% |
| Oct-1999 | 47.1 | 4.1% |
| Nov-1999 | 45.0 | 4.1% |
| Dec-1999 | 39.5 | 4.0% |
| Jan-2000 | 48.7 | 4.0% |
| Feb-2000 | 43.6 | 4.1% |
| Mar-2000 | 47.3 | 4.0% |
| Apr-2000 | 42.8 | 3.8% |
| May-2000 | 40.0 | 4.0% |
| Jun-2000 | 27.2 | 4.0% |
| Jul-2000 | 36.1 | 4.0% |
| Aug-2000 | 46.1 | 4.1% |
| Sep-2000 | 56.3 | 3.9% |
| Oct-2000 | 49.6 | 3.9% |
| Nov-2000 | 45.2 | 3.9% |
| Dec-2000 | 73.9 | 3.9% |
| Jan-2001 | 106.7 | 4.2% |
| Feb-2001 | 125.9 | 4.2% |
| Mar-2001 | 135.6 | 4.3% |
| Apr-2001 | 143.4 | 4.4% |
| May-2001 | 136.2 | 4.3% |
| Jun-2001 | 123.5 | 4.5% |
| Jul-2001 | 137.0 | 4.6% |
| Aug-2001 | 157.0 | 4.9% |
| Sep-2001 | 198.1 | 5.0% |
| Oct-2001 | 210.2 | 5.3% |
| Nov-2001 | 224.0 | 5.5% |
| Dec-2001 | 195.1 | 5.7% |
| Jan-2002 | 197.2 | 5.7% |
| Feb-2002 | 179.4 | 5.7% |
| Mar-2002 | 159.6 | 5.7% |
| Apr-2002 | 114.4 | 5.9% |
| May-2002 | 100.0 | 5.8% |
| Jun-2002 | 97.5 | 5.8% |
| Jul-2002 | 86.9 | 5.8% |
| Aug-2002 | 97.9 | 5.7% |
| Sep-2002 | 89.7 | 5.7% |
| Oct-2002 | 121.4 | 5.7% |
| Nov-2002 | 134.5 | 5.9% |
| Dec-2002 | 142.1 | 6.0% |
| Jan-2003 | 127.6 | 5.8% |
| Feb-2003 | 121.1 | 5.9% |
| Mar-2003 | 118.6 | 5.9% |
| Apr-2003 | 123.3 | 6.0% |
| May-2003 | 100.1 | 6.1% |
| Jun-2003 | 91.6 | 6.3% |
| Jul-2003 | 71.2 | 6.2% |
| Aug-2003 | 74.9 | 6.1% |
| Sep-2003 | 80.5 | 6.1% |
| Oct-2003 | 109.4 | 6.0% |
| Nov-2003 | 115.9 | 5.8% |
| Dec-2003 | 121.4 | 5.7% |
| Jan-2004 | 103.3 | 5.7% |
| Feb-2004 | 95.9 | 5.6% |
| Mar-2004 | 87.6 | 5.8% |
| Apr-2004 | 72.5 | 5.6% |
| May-2004 | 71.2 | 5.6% |
| Jun-2004 | 70.0 | 5.6% |
| Jul-2004 | 69.1 | 5.5% |
| Aug-2004 | 69.4 | 5.4% |
| Sep-2004 | 83.9 | 5.4% |
| Oct-2004 | 94.6 | 5.5% |
| Nov-2004 | 104.7 | 5.4% |
| Dec-2004 | 105.1 | 5.4% |
| Jan-2005 | 102.0 | 5.3% |
| Feb-2005 | 103.3 | 5.4% |
| Mar-2005 | 95.7 | 5.2% |
| Apr-2005 | 84.2 | 5.2% |
| May-2005 | 75.5 | 5.1% |
| Jun-2005 | 83.7 | 5.0% |
| Jul-2005 | 98.8 | 5.0% |
| Aug-2005 | 94.8 | 4.9% |
| Sep-2005 | 81.8 | 5.0% |
| Oct-2005 | 74.6 | 5.0% |
| Nov-2005 | 84.1 | 5.0% |
| Dec-2005 | 96.1 | 4.9% |
| Jan-2006 | 103.5 | 4.7% |
| Feb-2006 | 99.6 | 4.8% |
| Mar-2006 | 85.3 | 4.7% |
| Apr-2006 | 70.7 | 4.7% |
| May-2006 | 59.5 | 4.6% |
| Jun-2006 | 62.8 | 4.6% |
| Jul-2006 | 55.3 | 4.7% |
| Aug-2006 | 59.2 | 4.7% |
| Sep-2006 | 67.6 | 4.5% |
| Oct-2006 | 78.3 | 4.4% |
| Nov-2006 | 82.1 | 4.5% |
| Dec-2006 | 66.9 | 4.4% |
| Jan-2007 | 64.8 | 4.6% |
| Feb-2007 | 67.2 | 4.5% |
| Mar-2007 | 65.3 | 4.4% |
| Apr-2007 | 67.9 | 4.5% |
| May-2007 | 63.6 | 4.4% |
| Jun-2007 | 65.8 | 4.6% |
| Jul-2007 | 56.6 | 4.7% |
| Aug-2007 | 59.4 | 4.6% |
| Sep-2007 | 64.7 | 4.7% |
| Oct-2007 | 71.4 | 4.7% |
| Nov-2007 | 69.3 | 4.7% |
| Dec-2007 | 60.2 | 5.0% |
| Jan-2008 | 64.2 | 5.0% |
| Feb-2008 | 63.8 | 4.9% |
| Mar-2008 | 66.9 | 5.1% |
| Apr-2008 | 71.9 | 5.0% |
| May-2008 | 82.4 | 5.4% |
| Jun-2008 | 91.8 | 5.6% |
| Jul-2008 | 96.2 | 5.8% |
| Aug-2008 | 91.3 | 6.1% |
| Sep-2008 | 95.7 | 6.1% |
| Oct-2008 | 98.9 | 6.5% |
| Nov-2008 | 129.9 | 6.8% |
| Dec-2008 | 153.6 | 7.3% |
| Jan-2009 | 196.6 | 7.8% |
| Feb-2009 | 198.2 | 8.3% |
| Mar-2009 | 192.8 | 8.7% |
| Apr-2009 | 156.5 | 9.0% |
| May-2009 | 131.4 | 9.4% |
| Jun-2009 | 106.1 | 9.5% |
| Jul-2009 | 94.3 | 9.5% |
| Aug-2009 | 82.7 | 9.6% |
| Sep-2009 | 80.1 | 9.8% |
| Oct-2009 | 66.2 | 10.0% |
| Nov-2009 | 57.5 | 9.9% |
| Dec-2009 | 50.4 | 9.9% |
| Jan-2010 | 55.6 | 9.8% |
| Feb-2010 | 52.9 | 9.8% |
| Mar-2010 | 60.4 | 9.9% |
| Apr-2010 | 49.3 | 9.9% |
| May-2010 | 48.3 | 9.6% |
| Jun-2010 | 38.8 | 9.4% |
| Jul-2010 | 40.0 | 9.4% |
| Aug-2010 | 38.6 | 9.5% |
| Sep-2010 | 37.9 | 9.5% |
| Oct-2010 | 36.6 | 9.4% |
| Nov-2010 | 41.3 | 9.8% |
| Dec-2010 | 39.6 | 9.3% |
| Jan-2011 | 39.7 | 9.1% |
| Feb-2011 | 40.4 | 9.0% |
| Mar-2011 | 43.6 | 9.0% |
| Apr-2011 | 42.9 | 9.1% |
| May-2011 | 38.4 | 9.0% |
| Jun-2011 | 38.4 | 9.1% |
| Jul-2011 | 48.3 | 9.0% |
| Aug-2011 | 53.0 | 9.0% |
| Sep-2011 | 77.8 | 9.0% |
| Oct-2011 | 69.9 | 8.8% |
| Nov-2011 | 67.0 | 8.6% |
| Dec-2011 | 42.3 | 8.5% |
| Jan-2012 | 45.9 | 8.3% |
| Feb-2012 | 49.0 | 8.3% |
| Mar-2012 | 47.7 | 8.2% |
| Apr-2012 | 43.4 | 8.2% |
| May-2012 | 46.8 | 8.2% |
| Jun-2012 | 46.7 | 8.2% |
| Jul-2012 | 45.4 | 8.2% |
| Aug-2012 | 35.6 | 8.1% |
| Sep-2012 | 34.3 | 7.8% |
| Oct-2012 | 37.9 | 7.8% |
| Nov-2012 | 46.2 | 7.7% |
| Dec-2012 | 45.8 | 7.9% |
| Jan-2013 | 43.4 | 8.0% |
| Feb-2013 | 42.8 | 7.7% |
| Mar-2013 | 48.4 | 7.5% |
| Apr-2013 | 47.6 | 7.6% |
| May-2013 | 41.3 | 7.5% |
| Jun-2013 | 38.0 | 7.5% |
| Jul-2013 | 37.8 | 7.3% |
| Aug-2013 | 42.5 | 7.2% |
| Sep-2013 | 42.8 | 7.2% |
| Oct-2013 | 45.5 | 7.2% |
| Nov-2013 | 43.8 | 6.9% |
| Dec-2013 | 40.5 | 6.7% |
| Jan-2014 | 40.3 | 6.6% |
| Feb-2014 | 39.2 | 6.7% |
| Mar-2014 | 40.4 | 6.7% |
| Apr-2014 | 38.8 | 6.2% |
| May-2014 | 42.6 | 6.3% |
| Jun-2014 | 41.6 | 6.1% |
| Jul-2014 | 43.8 | 6.2% |
| Aug-2014 | 39.4 | 6.1% |
| Sep-2014 | 39.1 | 5.9% |
| Oct-2014 | 40.6 | 5.7% |
| Nov-2014 | 39.2 | 5.8% |
| Dec-2014 | 39.9 | 5.6% |
| Jan-2015 | 40.5 | 5.7% |
| Feb-2015 | 45.4 | 5.5% |
| Mar-2015 | 46.7 | 5.4% |
| Apr-2015 | 49.6 | 5.4% |
| May-2015 | 46.4 | 5.6% |
| Jun-2015 | 49.1 | 5.3% |
| Jul-2015 | 63.8 | 5.2% |
| Aug-2015 | 63.9 | 5.1% |
| Sep-2015 | 68.6 | 5.0% |
| Oct-2015 | 50.2 | 5.0% |
| Nov-2015 | 46.8 | 5.1% |
| Dec-2015 | 35.0 | 5.0% |
| Jan-2016 | 43.2 | 4.8% |
| Feb-2016 | 53.4 | 4.9% |
| Mar-2016 | 61.6 | 5.0% |
| Apr-2016 | 58.3 | 5.1% |
| May-2016 | 47.8 | 4.8% |
| Jun-2016 | 44.6 | 4.9% |
| Jul-2016 | 38.0 | 4.8% |
| Aug-2016 | 38.7 | 4.9% |
| Sep-2016 | 40.6 | 5.0% |
| Oct-2016 | 35.7 | 4.9% |
| Nov-2016 | 34.0 | 4.7% |
| Dec-2016 | 30.4 | 4.7% |
| Jan-2017 | 35.5 | 4.7% |
| Feb-2017 | 38.8 | 4.6% |
| Mar-2017 | 42.1 | 4.4% |
| Apr-2017 | 39.0 | 4.4% |
| May-2017 | 43.9 | 4.4% |
| Jun-2017 | 39.8 | 4.3% |
| Jul-2017 | 37.0 | 4.3% |
| Aug-2017 | 31.1 | 4.4% |
| Sep-2017 | 31.5 | 4.3% |
| Oct-2017 | 32.0 | 4.2% |
| Nov-2017 | 32.4 | 4.2% |
| Dec-2017 | 32.4 | 4.1% |
| Jan-2018 | 37.4 | 4.0% |
| Feb-2018 | 37.5 | 4.1% |
| Mar-2018 | 46.8 | 4.0% |
| Apr-2018 | 44.0 | 4.0% |
| May-2018 | 42.7 | 3.8% |
| Jun-2018 | 34.9 | 4.0% |
| Jul-2018 | 31.9 | 3.8% |
| Aug-2018 | 34.3 | 3.8% |
| Sep-2018 | 40.3 | 3.7% |
| Oct-2018 | 56.5 | 3.8% |
| Nov-2018 | 61.3 | 3.8% |
| Dec-2018 | 57.5 | 3.9% |
| Jan-2019 | 50.0 | 4.0% |
| Feb-2019 | 57.9 | 3.8% |
| Mar-2019 | 63.5 | 3.8% |
| Apr-2019 | 59.1 | 3.7% |
| May-2019 | 53.1 | 3.6% |
| Jun-2019 | 46.9 | 3.6% |
| Jul-2019 | 46.5 | 3.7% |
| Aug-2019 | 44.8 | 3.6% |
| Sep-2019 | 44.6 | 3.5% |
| Oct-2019 | 48.4 | 3.6% |
| Nov-2019 | 45.5 | 3.6% |
| Dec-2019 | 42.6 | 3.6% |
| Jan-2020 | 48.4 | 3.6% |
| Feb-2020 | 52.4 | 3.5% |
| Mar-2020 | 115.6 | 4.4% |
| Apr-2020 | 316.7 | 14.8% |
| May-2020 | 430.1 | 13.2% |
| Jun-2020 | 412.8 | 11.0% |
| Jul-2020 | 276.6 | 10.2% |
| Aug-2020 | 182.9 | 8.4% |
| Sep-2020 | 165.7 | 7.8% |
| Oct-2020 | 105.1 | 6.9% |
| Nov-2020 | 88.1 | 6.7% |
| Dec-2020 | 74.2 | 6.7% |
| Jan-2021 | 73.8 | 6.4% |
| Feb-2021 | 63.7 | 6.2% |
| Mar-2021 | 48.2 | 6.1% |
| Apr-2021 | 29.3 | 6.1% |
| May-2021 | 26.0 | 5.8% |
| Jun-2021 | 22.7 | 5.9% |
| Jul-2021 | 21.3 | 5.4% |
| Aug-2021 | 18.4 | 5.1% |
| Sep-2021 | 17.5 | 4.7% |
| Oct-2021 | 18.8 | 4.5% |
| Nov-2021 | 18.5 | 4.2% |
| Dec-2021 | 18.9 | 3.9% |
| Jan-2022 | 17.7 | 4.0% |
| Feb-2022 | 17.8 | 3.8% |
| Mar-2022 | 18.6 | 3.7% |
| Apr-2022 | 20.3 | 3.7% |
| May-2022 | 22.1 | 3.6% |
| Jun-2022 | 25.8 | 3.6% |
| Jul-2022 | 26.3 | 3.5% |
| Aug-2022 | 26.3 | 3.6% |
| Sep-2022 | 25.4 | 3.5% |
| Oct-2022 | 28.1 | 3.6% |
| Nov-2022 | 46.9 | 3.6% |
| Dec-2022 | 51.4 | 3.5% |
| Jan-2023 | 74.5 | 3.5% |
| Feb-2023 | 74.8 | 3.6% |
| Mar-2023 | 90.1 | 3.5% |
| Apr-2023 | 78.2 | 3.4% |
| May-2023 | 78.9 | 3.6% |
| Jun-2023 | 62.6 | 3.6% |
| Jul-2023 | 48.2 | 3.5% |
| Aug-2023 | 46.5 | 3.7% |
| Sep-2023 | 48.8 | 3.8% |
| Oct-2023 | 53.1 | 3.9% |
| Nov-2023 | 43.3 | 3.7% |
| Dec-2023 | 39.1 | 3.8% |
| Jan-2024 | 54.2 | 3.7% |
| Feb-2024 | 67.3 | 3.9% |
| Mar-2024 | 85.8 | 3.9% |
| Apr-2024 | 79.9 | 3.9% |
| May-2024 | 73.0 | 4.0% |
| Jun-2024 | 59.1 | 4.1% |
| Jul-2024 | 46.2 | 4.2% |
| Aug-2024 | 50.2 | 4.2% |
| Sep-2024 | 58.2 | 4.1% |
| Oct-2024 | 68.1 | 4.1% |
| Nov-2024 | 62.0 | 4.2% |
| Dec-2024 | 50.7 | 4.1% |
| Jan-2025 | 48.8 | 4.0% |
| Feb-2025 | 86.9 | 4.1% |
| Mar-2025 | 165.7 | 4.2% |
| Apr-2025 | 184.2 | 4.2% |
| May-2025 | 158.2 | 4.2% |
| Jun-2025 | 82.4 | 4.1% |
| Jul-2025 | 68.0 | 4.2% |
| Aug-2025 | 65.4 | 4.3% |
| Sep-2025 | 67.4 | 4.4% |
| Oct-2025 | 97.7 | |
| Nov-2025 | 92.8 | 4.4% |
| Dec-2025 | 86.6 | 4.5% |
Note: The unemployment rate is seasonally adjusted. Job cut data reflect three-month moving averages to smooth some of the month-to-month volatility. Updated December 4, 2025.
Source: Investing.com, The Challenger Report, and Bureau of Labor Statistics.