US firms announced 38,792 job cuts in December, down -33% MoM but up 11% YoY. In Q4 2024, total job cuts were 152,116 or a decline of -13% QoQ but an increase of 30% YoY. Finally, for the full year of 2024, cuts totaled 762,358, a 5.5% increase over 2023 and the highest annual total since 2020, and before that, since 2009.

The industry with the most cuts in 2024 was Technology for the second straight year, but the sector did see a decline of -20.3% YoY. Besides the government which saw cuts from a reduction in armed services roles, the Automotive sector saw the largest percentage increase in cuts, up 43.2% from 2023.