Layoff Notices Reach 2009 Levels as Worker Confidence Declines
Companies announced 153,074 layoffs in October, bringing the total for the year to 1.1 million – the highest number since 2009 – signaling a significant cooling in the labor market and increased anxiety among workers.
While the number of layoff announcements is alarming, job market experts caution against immediate panic, noting that the data doesn’t fully reflect the current economic landscape. “The job market is in a funk right now,” says Daniel Zhao, chief economist at Glassdoor, adding that even with stable unemployment figures, many individuals are dissatisfied with their current opportunities. Indeed’s director of economic research, Laura Ullrich, agrees, stating, “The latest available data does not seem today to indicate that we’re going into a high layoff period for the overall economy.” However, the share of Glassdoor reviews mentioning layoffs is up 22% year-over-year as of October, and worker confidence is near a recent low.
The decline in confidence is particularly pronounced among senior-level employees, dropping 4.6 percentage points since October 2024, which could further impact hiring and investment decisions. Job postings are also at their lowest level since 2021, concentrated in areas affected by the government shutdown and recent tech sector cuts, like California and Washington. Despite these challenges, openings remain strong in healthcare, security, safety, and engineering, sectors that have accounted for 56% of job growth between July 2023 and July 2025, according to Indeed data. For those seeking employment, fewer job offers are being extended, suggesting reduced candidate leverage and a need to be more flexible in their search – resources like the Bureau of Labor Statistics can help job seekers understand current trends.
The Bureau of Labor Statistics missed its scheduled jobs report today due to the ongoing government shutdown, but economists surveyed by Dow Jones anticipate it would have shown a drop of 60,000 jobs and a rise in the unemployment rate to 4.5%. Officials say they will continue to monitor key economic indicators to assess the long-term health of the labor market.
