US companies announced 744,308 job cuts in the first half of 2025, marking the highest total for any first half of a year since 2020, according to data from Challenger and other labor market observers. June alone saw nearly 48,000 layoffs, a figure that remained flat year-over-year but represented a 49% decline from May's 93,816 cuts. Sector-specific layoffs showed a 255% year-to-date increase in retail and a 27% rise in technology. The total layoffs in the second quarter reached 247,256, the highest Q2 total since 2020. These job cut levels are consistent with those seen in prior recessions, placing the current labor market under stress. Concurrently, US large corporate bankruptcies have reached 371 year-to-date, the most since 2010, with filings in April, May, and June numbering 59, 63, and 64 respectively. Additionally, US private sector employment data has been revised downward by approximately 780,000 jobs since January 2024, with a combined downward revision of 16,000 jobs for April and May 2025. The hiring rate fell to 3.4% in May 2025, the third-lowest since the 2020 crisis and below levels seen in the 2001 recession, aligning with figures from the Great Financial Crisis. Private sector employment, excluding education and health services, declined to 68% of total US employment, the lowest since 2020, indicating recessionary trends. Furthermore, credit card delinquencies at large US banks rose to 3.40% of balances being 30 or more days past due in the first quarter of 2025, marking the third-highest level in over a decade.