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According to a new report from Challenger, Gray & Christmas, the number of job cuts declared in the first five months of 2025 increased by 80% from the same period.
Employers have announced about 696,000 job cuts through May. In 2024, this number was just more than 385,000. According to the report, the job cut from total matching for all of 2024 is only 65,000 away.
“Tariff, funding cuts, consumer expenses, and are putting intense pressure on employees of overall economic pessimism companies,” said Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas. In the report. “Companies are spending less, slowing recruitment, and sending pruning notices.”
Retailers to close all the remaining shops this week
According to the report, the efforts launched by the Department of Government Efficiency (DOGE) are the main reason for job cut announcements in 2025. This includes federal government jobs, contractors and private non -profit layers inspired by federal funding cuts and expiration contracts.
Senior White House Advisor Elon Musk runs into the White House after landing in Marine One in South Lawn with US President Donald Trump. (Photo by Samuel Korum / Getty Image / Getty Image)
The report also cited economic and market conditions as a reason for increased pruning. Additionally, the report stated that retail cut off at 76,000 for the year stopped, marked the second largest industry for job cuts behind the federal government, and is responsible for an increase of 274% in 2024.
On April 12, 2025, a “Store Closing” sign was displayed outside a Joan Store in Savanna, Georgia. (Parker Pulse / Bloomberg Getty Image / Getty Image)
Store closure contributed to job loss, with some retailers closing locations amid economic pressures, and others forced them to file for bankruptcy and close the operation.
Shoppers exit a Messi department store in Las Vegas, Nevada on Sunday, November 7, 2021. (Bridget Bennett / Bloomberg Getty Image / Getty Image)
Famous department store retailers such as JCpenney and MAI’s declared store shutdown in 2025. Forever 21, a fashion retailer, announced the closure of hundreds of stores, as it air to its business, mainly due to the competition from Sheen and Temu. Rite-Aid, Walgreens and Party City also announced the shutdown.
Craft retailer Joan announced in February that he would close all his stores after his second bankruptcy filing within a year. The famous store for its classification of clothes is once operated at more than 800 places in all the remaining shops in the US, after its latest bankruptcy filing, closed by the end of May.
