ADP (September): Private sector layoffs reached 32,000, the worst in 2.5 years. Challenger Report: 946,000 layoffs so far in 2025, a 55% year-over-year increase and the highest level since 2020. Layoffs could exceed 1 million by year-end. Historically, layoffs of this magnitude have been associated with economic recessions or major technological transitions (e.g., artificial intelligence).
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