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 |
|---|---|---|
| 1994-03-01 | 64.1666667 | 6.5% |
| 1994-04-01 | 39.9 | 6.4% |
| 1994-05-01 | 40.4666667 | 6.1% |
| 1994-06-01 | 35.8 | 6.1% |
| 1994-07-01 | 30.1333333 | 6.1% |
| 1994-08-01 | 33.5 | 6.0% |
| 1994-09-01 | 39.2333333 | 5.9% |
| 1994-10-01 | 47 | 5.8% |
| 1994-11-01 | 41.0333333 | 5.6% |
| 1994-12-01 | 32.8 | 5.5% |
| 1995-01-01 | 31.6666667 | 5.6% |
| 1995-02-01 | 32.4666667 | 5.4% |
| 1995-03-01 | 32.5666667 | 5.4% |
| 1995-04-01 | 24.8 | 5.8% |
| 1995-05-01 | 34 | 5.6% |
| 1995-06-01 | 38.2 | 5.6% |
| 1995-07-01 | 40.7333333 | 5.7% |
| 1995-08-01 | 32.3333333 | 5.7% |
| 1995-09-01 | 29.9333333 | 5.6% |
| 1995-10-01 | 35.9333333 | 5.5% |
| 1995-11-01 | 38.6 | 5.6% |
| 1995-12-01 | 45.9333333 | 5.6% |
| 1996-01-01 | 64.6333333 | 5.6% |
| 1996-02-01 | 62.1333333 | 5.5% |
| 1996-03-01 | 56.2333333 | 5.5% |
| 1996-04-01 | 34.0333333 | 5.6% |
| 1996-05-01 | 33.0333333 | 5.6% |
| 1996-06-01 | 33.9333333 | 5.3% |
| 1996-07-01 | 37.6 | 5.5% |
| 1996-08-01 | 34.1 | 5.1% |
| 1996-09-01 | 30.5666667 | 5.2% |
| 1996-10-01 | 32.6 | 5.2% |
| 1996-11-01 | 35.6666667 | 5.4% |
| 1996-12-01 | 38.2666667 | 5.4% |
| 1997-01-01 | 36.8333333 | 5.3% |
| 1997-02-01 | 40.5 | 5.2% |
| 1997-03-01 | 44.7666667 | 5.2% |
| 1997-04-01 | 35.3 | 5.1% |
| 1997-05-01 | 28.8 | 4.9% |
| 1997-06-01 | 17.1 | 5.0% |
| 1997-07-01 | 28.1333333 | 4.9% |
| 1997-08-01 | 30.1 | 4.8% |
| 1997-09-01 | 31.9666667 | 4.9% |
| 1997-10-01 | 31.6333333 | 4.7% |
| 1997-11-01 | 38.4 | 4.6% |
| 1997-12-01 | 50.9333333 | 4.7% |
| 1998-01-01 | 59.2333333 | 4.6% |
| 1998-02-01 | 58.1333333 | 4.6% |
| 1998-03-01 | 46.3666667 | 4.7% |
| 1998-04-01 | 38.5666667 | 4.3% |
| 1998-05-01 | 33.1333333 | 4.4% |
| 1998-06-01 | 43.7666667 | 4.5% |
| 1998-07-01 | 44.4333333 | 4.5% |
| 1998-08-01 | 47.6333333 | 4.5% |
| 1998-09-01 | 53.7 | 4.6% |
| 1998-10-01 | 67.2666667 | 4.5% |
| 1998-11-01 | 72.0666667 | 4.4% |
| 1998-12-01 | 82.1 | 4.4% |
| 1999-01-01 | 78.1666667 | 4.3% |
| 1999-02-01 | 81.6 | 4.4% |
| 1999-03-01 | 70.2 | 4.2% |
| 1999-04-01 | 61.7666667 | 4.3% |
| 1999-05-01 | 59.5333333 | 4.2% |
| 1999-06-01 | 57.6666667 | 4.3% |
| 1999-07-01 | 57.7666667 | 4.3% |
| 1999-08-01 | 58.4666667 | 4.2% |
| 1999-09-01 | 57.7333333 | 4.2% |
| 1999-10-01 | 47.1 | 4.1% |
| 1999-11-01 | 44.9666667 | 4.1% |
| 1999-12-01 | 39.4666667 | 4.0% |
| 2000-01-01 | 48.7333333 | 4.0% |
| 2000-02-01 | 43.5666667 | 4.1% |
| 2000-03-01 | 47.2666667 | 4.0% |
| 2000-04-01 | 42.8333333 | 3.8% |
| 2000-05-01 | 40.0333333 | 4.0% |
| 2000-06-01 | 27.1666667 | 4.0% |
| 2000-07-01 | 36.0666667 | 4.0% |
| 2000-08-01 | 46.1333333 | 4.1% |
| 2000-09-01 | 56.3 | 3.9% |
| 2000-10-01 | 49.5666667 | 3.9% |
| 2000-11-01 | 45.2333333 | 3.9% |
| 2000-12-01 | 73.9 | 3.9% |
| 2001-01-01 | 106.703333 | 4.2% |
| 2001-02-01 | 125.88 | 4.2% |
| 2001-03-01 | 135.603333 | 4.3% |
| 2001-04-01 | 143.386667 | 4.4% |
| 2001-05-01 | 136.19 | 4.3% |
| 2001-06-01 | 123.516667 | 4.5% |
| 2001-07-01 | 136.99 | 4.6% |
| 2001-08-01 | 156.95 | 4.9% |
| 2001-09-01 | 198.11 | 5.0% |
| 2001-10-01 | 210.18 | 5.3% |
| 2001-11-01 | 223.976667 | 5.5% |
| 2001-12-01 | 195.06 | 5.7% |
| 2002-01-01 | 197.156667 | 5.7% |
| 2002-02-01 | 179.393333 | 5.7% |
| 2002-03-01 | 159.64 | 5.7% |
| 2002-04-01 | 114.363333 | 5.9% |
| 2002-05-01 | 99.9833333 | 5.8% |
| 2002-06-01 | 97.4666667 | 5.8% |
| 2002-07-01 | 86.9066667 | 5.8% |
| 2002-08-01 | 97.9366667 | 5.7% |
| 2002-09-01 | 89.7 | 5.7% |
| 2002-10-01 | 121.38 | 5.7% |
| 2002-11-01 | 134.526667 | 5.9% |
| 2002-12-01 | 142.146667 | 6.0% |
| 2003-01-01 | 127.55 | 5.8% |
| 2003-02-01 | 121.106667 | 5.9% |
| 2003-03-01 | 118.6 | 5.9% |
| 2003-04-01 | 123.326667 | 6.0% |
| 2003-05-01 | 100.14 | 6.1% |
| 2003-06-01 | 91.58 | 6.3% |
| 2003-07-01 | 71.1533333 | 6.2% |
| 2003-08-01 | 74.9233333 | 6.1% |
| 2003-09-01 | 80.52 | 6.1% |
| 2003-10-01 | 109.436667 | 6.0% |
| 2003-11-01 | 115.943333 | 5.8% |
| 2003-12-01 | 121.446667 | 5.7% |
| 2004-01-01 | 103.343333 | 5.7% |
| 2004-02-01 | 95.9433333 | 5.6% |
| 2004-03-01 | 87.6133333 | 5.8% |
| 2004-04-01 | 72.4866667 | 5.6% |
| 2004-05-01 | 71.1933333 | 5.6% |
| 2004-06-01 | 69.9633333 | 5.6% |
| 2004-07-01 | 69.0933333 | 5.5% |
| 2004-08-01 | 69.3533333 | 5.4% |
| 2004-09-01 | 83.86 | 5.4% |
| 2004-10-01 | 94.6166667 | 5.5% |
| 2004-11-01 | 104.743333 | 5.4% |
| 2004-12-01 | 105.14 | 5.4% |
| 2005-01-01 | 101.976667 | 5.3% |
| 2005-02-01 | 103.263333 | 5.4% |
| 2005-03-01 | 95.7133333 | 5.2% |
| 2005-04-01 | 84.2166667 | 5.2% |
| 2005-05-01 | 75.5133333 | 5.1% |
| 2005-06-01 | 83.7133333 | 5.0% |
| 2005-07-01 | 98.75 | 5.0% |
| 2005-08-01 | 94.8466667 | 4.9% |
| 2005-09-01 | 81.7933333 | 5.0% |
| 2005-10-01 | 74.57 | 5.0% |
| 2005-11-01 | 84.14 | 5.0% |
| 2005-12-01 | 96.1333333 | 4.9% |
| 2006-01-01 | 103.523333 | 4.7% |
| 2006-02-01 | 99.5766667 | 4.8% |
| 2006-03-01 | 85.2966667 | 4.7% |
| 2006-04-01 | 70.7033333 | 4.7% |
| 2006-05-01 | 59.4633333 | 4.6% |
| 2006-06-01 | 62.83 | 4.6% |
| 2006-07-01 | 55.3266667 | 4.7% |
| 2006-08-01 | 59.18 | 4.7% |
| 2006-09-01 | 67.5933333 | 4.5% |
| 2006-10-01 | 78.26 | 4.4% |
| 2006-11-01 | 82.09 | 4.5% |
| 2006-12-01 | 66.8633333 | 4.4% |
| 2007-01-01 | 64.7966667 | 4.6% |
| 2007-02-01 | 67.21 | 4.5% |
| 2007-03-01 | 65.33 | 4.4% |
| 2007-04-01 | 67.8933333 | 4.5% |
| 2007-05-01 | 63.5966667 | 4.4% |
| 2007-06-01 | 65.84 | 4.6% |
| 2007-07-01 | 56.5833333 | 4.7% |
| 2007-08-01 | 59.3633333 | 4.6% |
| 2007-09-01 | 64.7 | 4.7% |
| 2007-10-01 | 71.4366667 | 4.7% |
| 2007-11-01 | 69.33 | 4.7% |
| 2007-12-01 | 60.2233333 | 5.0% |
| 2008-01-01 | 64.1833333 | 5.0% |
| 2008-02-01 | 63.8333333 | 4.9% |
| 2008-03-01 | 66.8866667 | 5.1% |
| 2008-04-01 | 71.8966667 | 5.0% |
| 2008-05-01 | 82.3733333 | 5.4% |
| 2008-06-01 | 91.7666667 | 5.6% |
| 2008-07-01 | 96.1966667 | 5.8% |
| 2008-08-01 | 91.27 | 6.1% |
| 2008-09-01 | 95.7133333 | 6.1% |
| 2008-10-01 | 98.9033333 | 6.5% |
| 2008-11-01 | 129.88 | 6.8% |
| 2008-12-01 | 153.633333 | 7.3% |
| 2009-01-01 | 196.59 | 7.8% |
| 2009-02-01 | 198.15 | 8.3% |
| 2009-03-01 | 192.836667 | 8.7% |
| 2009-04-01 | 156.45 | 9.0% |
| 2009-05-01 | 131.393333 | 9.4% |
| 2009-06-01 | 106.053333 | 9.5% |
| 2009-07-01 | 94.3133333 | 9.5% |
| 2009-08-01 | 82.74 | 9.6% |
| 2009-09-01 | 80.0766667 | 9.8% |
| 2009-10-01 | 66.18 | 10.0% |
| 2009-11-01 | 57.4766667 | 9.9% |
| 2009-12-01 | 50.3733333 | 9.9% |
| 2010-01-01 | 55.64 | 9.8% |
| 2010-02-01 | 52.8866667 | 9.8% |
| 2010-03-01 | 60.3933333 | 9.9% |
| 2010-04-01 | 49.3433333 | 9.9% |
| 2010-05-01 | 48.25 | 9.6% |
| 2010-06-01 | 38.8333333 | 9.4% |
| 2010-07-01 | 39.95 | 9.4% |
| 2010-08-01 | 38.6033333 | 9.5% |
| 2010-09-01 | 37.8666667 | 9.5% |
| 2010-10-01 | 36.6366667 | 9.4% |
| 2010-11-01 | 41.2833333 | 9.8% |
| 2010-12-01 | 39.5666667 | 9.3% |
| 2011-01-01 | 39.7433333 | 9.1% |
| 2011-02-01 | 40.4066667 | 9.0% |
| 2011-03-01 | 43.5833333 | 9.0% |
| 2011-04-01 | 42.9066667 | 9.1% |
| 2011-05-01 | 38.3866667 | 9.0% |
| 2011-06-01 | 38.3533333 | 9.1% |
| 2011-07-01 | 48.3266667 | 9.0% |
| 2011-08-01 | 52.9833333 | 9.0% |
| 2011-09-01 | 77.75 | 9.0% |
| 2011-10-01 | 69.8666667 | 8.8% |
| 2011-11-01 | 66.9866667 | 8.6% |
| 2011-12-01 | 42.34 | 8.5% |
| 2012-01-01 | 45.9166667 | 8.3% |
| 2012-02-01 | 49.0033333 | 8.3% |
| 2012-03-01 | 47.7 | 8.2% |
| 2012-04-01 | 43.39 | 8.2% |
| 2012-05-01 | 46.7766667 | 8.2% |
| 2012-06-01 | 46.6666667 | 8.2% |
| 2012-07-01 | 45.4333333 | 8.2% |
| 2012-08-01 | 35.55 | 8.1% |
| 2012-09-01 | 34.3066667 | 7.8% |
| 2012-10-01 | 37.9266667 | 7.8% |
| 2012-11-01 | 46.2066667 | 7.7% |
| 2012-12-01 | 45.7866667 | 7.9% |
| 2013-01-01 | 43.3566667 | 8.0% |
| 2013-02-01 | 42.7833333 | 7.7% |
| 2013-03-01 | 48.35 | 7.5% |
| 2013-04-01 | 47.58 | 7.6% |
| 2013-05-01 | 41.26 | 7.5% |
| 2013-06-01 | 37.9733333 | 7.5% |
| 2013-07-01 | 37.8333333 | 7.3% |
| 2013-08-01 | 42.5333333 | 7.2% |
| 2013-09-01 | 42.8333333 | 7.2% |
| 2013-10-01 | 45.5 | 7.2% |
| 2013-11-01 | 43.7666667 | 6.9% |
| 2013-12-01 | 40.5333333 | 6.7% |
| 2014-01-01 | 40.3333333 | 6.6% |
| 2014-02-01 | 39.1666667 | 6.7% |
| 2014-03-01 | 40.4333333 | 6.7% |
| 2014-04-01 | 38.8333333 | 6.2% |
| 2014-05-01 | 42.5666667 | 6.3% |
| 2014-06-01 | 41.5666667 | 6.1% |
| 2014-07-01 | 43.7666667 | 6.2% |
| 2014-08-01 | 39.4333333 | 6.1% |
| 2014-09-01 | 39.1333333 | 5.9% |
| 2014-10-01 | 40.5666667 | 5.7% |
| 2014-11-01 | 39.2 | 5.8% |
| 2014-12-01 | 39.9 | 5.6% |
| 2015-01-01 | 40.5 | 5.7% |
| 2015-02-01 | 45.4 | 5.5% |
| 2015-03-01 | 46.7333333 | 5.4% |
| 2015-04-01 | 49.6 | 5.4% |
| 2015-05-01 | 46.4 | 5.6% |
| 2015-06-01 | 49.1333333 | 5.3% |
| 2015-07-01 | 63.8333333 | 5.2% |
| 2015-08-01 | 63.9 | 5.1% |
| 2015-09-01 | 68.6 | 5.0% |
| 2015-10-01 | 50.2 | 5.0% |
| 2015-11-01 | 46.8 | 5.1% |
| 2015-12-01 | 35.0333333 | 5.0% |
| 2016-01-01 | 43.2333333 | 4.8% |
| 2016-02-01 | 53.4333333 | 4.9% |
| 2016-03-01 | 61.6333333 | 5.0% |
| 2016-04-01 | 58.3 | 5.1% |
| 2016-05-01 | 47.8333333 | 4.8% |
| 2016-06-01 | 44.6 | 4.9% |
| 2016-07-01 | 38 | 4.8% |
| 2016-08-01 | 38.6666667 | 4.9% |
| 2016-09-01 | 40.6 | 5.0% |
| 2016-10-01 | 35.7333333 | 4.9% |
| 2016-11-01 | 33.9666667 | 4.7% |
| 2016-12-01 | 30.4 | 4.7% |
| 2017-01-01 | 35.4666667 | 4.7% |
| 2017-02-01 | 38.8333333 | 4.6% |
| 2017-03-01 | 42.0666667 | 4.4% |
| 2017-04-01 | 38.9666667 | 4.4% |
| 2017-05-01 | 43.8666667 | 4.4% |
| 2017-06-01 | 39.8 | 4.3% |
| 2017-07-01 | 37.0333333 | 4.3% |
| 2017-08-01 | 31.0666667 | 4.4% |
| 2017-09-01 | 31.4666667 | 4.3% |
| 2017-10-01 | 31.9666667 | 4.2% |
| 2017-11-01 | 32.3666667 | 4.2% |
| 2017-12-01 | 32.4 | 4.1% |
| 2018-01-01 | 37.3666667 | 4.0% |
| 2018-02-01 | 37.5 | 4.1% |
| 2018-03-01 | 46.8333333 | 4.0% |
| 2018-04-01 | 43.9666667 | 4.0% |
| 2018-05-01 | 42.6666667 | 3.8% |
| 2018-06-01 | 34.9333333 | 4.0% |
| 2018-07-01 | 31.9333333 | 3.8% |
| 2018-08-01 | 34.2666667 | 3.8% |
| 2018-09-01 | 40.3 | 3.7% |
| 2018-10-01 | 56.4666667 | 3.8% |
| 2018-11-01 | 61.3333333 | 3.8% |
| 2018-12-01 | 57.5333333 | 3.9% |
| 2019-01-01 | 50 | 4.0% |
| 2019-02-01 | 57.9 | 3.8% |
| 2019-03-01 | 63.4666667 | 3.8% |
| 2019-04-01 | 59.1333333 | 3.7% |
| 2019-05-01 | 53.0666667 | 3.6% |
| 2019-06-01 | 46.8666667 | 3.6% |
| 2019-07-01 | 46.4816667 | 3.7% |
| 2019-08-01 | 44.775 | 3.6% |
| 2019-09-01 | 44.6273333 | 3.5% |
| 2019-10-01 | 48.4373333 | 3.6% |
| 2019-11-01 | 45.467 | 3.6% |
| 2019-12-01 | 42.5623333 | 3.6% |
| 2020-01-01 | 48.3823333 | 3.6% |
| 2020-02-01 | 52.4126667 | 3.5% |
| 2020-03-01 | 115.561 | 4.4% |
| 2020-04-01 | 316.692333 | 14.8% |
| 2020-05-01 | 430.144333 | 13.2% |
| 2020-06-01 | 412.788 | 11.0% |
| 2020-07-01 | 276.628 | 10.2% |
| 2020-08-01 | 182.876667 | 8.4% |
| 2020-09-01 | 165.738333 | 7.8% |
| 2020-10-01 | 105.077333 | 6.9% |
| 2020-11-01 | 88.089 | 6.7% |
| 2020-12-01 | 74.1643333 | 6.7% |
| 2021-01-01 | 73.793 | 6.4% |
| 2021-02-01 | 63.7043333 | 6.2% |
| 2021-03-01 | 48.2286667 | 6.1% |
| 2021-04-01 | 29.349 | 6.1% |
| 2021-05-01 | 26.034 | 5.8% |
| 2021-06-01 | 22.6583333 | 5.9% |
| 2021-07-01 | 21.3346667 | 5.4% |
| 2021-08-01 | 18.3803333 | 5.1% |
| 2021-09-01 | 17.52 | 4.7% |
| 2021-10-01 | 18.8133333 | 4.5% |
| 2021-11-01 | 18.5306667 | 4.1% |
| 2021-12-01 | 18.9163333 | 3.9% |
| 2022-01-01 | 17.6636667 | 4.0% |
| 2022-02-01 | 17.787 | 3.9% |
| 2022-03-01 | 18.5653333 | 3.7% |
| 2022-04-01 | 20.306 | 3.7% |
| 2022-05-01 | 22.1283333 | 3.6% |
| 2022-06-01 | 25.8383333 | 3.6% |
| 2022-07-01 | 26.3463333 | 3.5% |
| 2022-08-01 | 26.2706667 | 3.6% |
| 2022-09-01 | 25.428 | 3.5% |
| 2022-10-01 | 28.1056667 | 3.6% |
| 2022-11-01 | 46.889 | 3.6% |
| 2022-12-01 | 51.443 | 3.5% |
| 2023-01-01 | 74.4763333 | 3.5% |
| 2023-02-01 | 74.788 | 3.6% |
| 2023-03-01 | 90.1386667 | 3.5% |
| 2023-04-01 | 78.156 | 3.4% |
| 2023-05-01 | 78.929 | 3.6% |
| 2023-06-01 | 62.5976667 | 3.6% |
| 2023-07-01 | 48.165 | 3.5% |
| 2023-08-01 | 46.519 | 3.7% |
| 2023-09-01 | 48.7683333 | 3.7% |
| 2023-10-01 | 53.148 | 3.9% |
| 2023-11-01 | 43.2676667 | 3.7% |
| 2023-12-01 | 39.0543333 | 3.8% |
| 2024-01-01 | 54.2113333 | 3.7% |
| 2024-02-01 | 67.254 | 3.9% |
| 2024-03-01 | 85.7513333 | 3.9% |
| 2024-04-01 | 79.912 | 3.9% |
| 2024-05-01 | 72.9713333 | 3.9% |
| 2024-06-01 | 59.1303333 | 4.1% |
| 2024-07-01 | 46.1623333 | 4.2% |
| 2024-08-01 | 50.1873333 | 4.2% |
| 2024-09-01 | 58.199 | 4.1% |
| 2024-10-01 | 68.103 | 4.1% |
| 2024-11-01 | 62.0483333 | 4.2% |
| 2024-12-01 | 50.7053333 | 4.1% |
| 2025-01-01 | 48.7713333 | 4.0% |
| 2025-02-01 | 86.868 | 4.2% |
| 2025-03-01 | 165.684 | 4.2% |
| 2025-04-01 | 184.232667 | 4.2% |
| 2025-05-01 | 158.165667 | 4.3% |
| 2025-06-01 | 82.4186667 | 4.1% |
| 2025-07-01 | 67.9633333 | 4.3% |
| 2025-08-01 | 65.351 | 4.3% |
| 2025-09-01 | 67.3726667 | 4.4% |
| 2025-10-01 | 97.7056667 | |
| 2025-11-01 | 92.8196667 | 4.5% |
| 2025-12-01 | 86.6493333 | 4.4% |
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 February 3rd, 2026.
Source: Investing.com, The Challenger Report, and Bureau of Labor Statistics.