US Job Cuts Surge in 2023

Despite a 54% decrease in job cuts for November, layoffs in the U.S. have reached their highest level since 2020, totaling nearly 950,000 this year. Major companies, including Verizon, are executing significant layoffs, with Verizon planning to cut 15,000 jobs as part of cost reduction measures under new leadership. The economic landscape remains challenging, with concerns over 'forever layoffs' and the increasing role of AI in displacing jobs. Overall, 1.1 million layoff announcements have been made, prompting fears of an impending economic slowdown amid rising market instability and housing foreclosures.