Since 2001, there have been an average of 5.8 million layoffs per quarter, with peaks in 2009 (during the Great Recession) and 2020 (during the COVID-19 pandemic.) Since the COVID-19 pandemic was declared over on May 11, 2023, there have been an average of 4.9 million layoffs per quarter – fewer than any pre-pandemic quarter since at least 2001.
The professional and business services sector has historically had the highest average number of layoffs per year, with nearly 5 million per year since 2005. The trade, transportation, and utilities sector employs the most people of any sector — 26.6 million jobs a year, on average — and has experienced the second-highest average number of layoffs since 2005, eliminating 4.2 million jobs a year. The third-highest number of layoffs is in leisure and hospitality. Since 2005, this industry has been the fourth largest sector of the economy, employing 14.4 million people per year, and averaged just over 3.7 million layoffs per year. Read More
