US companies have announced 744,308 job cuts in the first half of 2025, marking the highest number for any first half of a year since 2020, according to data from the Challenger outplacement firm. June alone saw nearly 48,000 layoffs, which was flat year-over-year but down 49% from May's 93,816 cuts. Year-to-date, retail sector layoffs increased by 255%, while technology sector cuts rose by 27%. The total job cuts in the second quarter of 2025 reached 247,256, the highest Q2 total since 2020. This level of layoffs is consistent with patterns observed during prior recessions and represents the second-highest count since the 2008 financial crisis. In addition to layoffs, US corporate bankruptcies have reached recession-level figures, with 371 large bankruptcies recorded year-to-date, the highest since 2010. Monthly bankruptcy filings in April, May, and June were 59, 63, and 64 respectively.