BREAKING: US job cut announcements jumped +140% YoY in July, to 62,075, well above the 4-year average. This is more than double the average July job cut number of 23,584 between 2021 and 2024. Year-to-date, US-based employers have announced 806,383 job cuts, the highest total for any January–July period since 2020. This is also the second-highest figure since 2008 and is already 6% above the 2024 total. The government sector has led the increase with 292,294 job cuts YTD,. Technology and retail sectors have followed, with 89,251 and 80,487 job cuts, respectively. The labor market is weakning.