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).