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Joann, Macy's, Other Store Closures Part of a 274% Spike in Retail Layoffs in 2025
- From January through May 2025, U.S. employers reported roughly 696,000 job cuts, marking an 80% increase compared to the corresponding period in 2024.
- This surge followed economic pressures including tariffs, funding cuts, declining consumer spending, and government efficiency efforts driving many layoffs.
- Retail job cuts reached nearly 76,000, a 274% increase from 2024, fueled by store closures from chains like JCPenney, Macy's, Forever 21, and Joann.
- Andrew Challenger of Challenger, Gray & Christmas stated that companies' workforces are facing significant strain due to factors such as tariffs, reduced funding, shifts in consumer spending, and widespread economic uncertainty.
- The spike in layoffs suggests persistent market challenges despite cautious increases in planned hiring, with retail and government sectors most affected so far in 2025.
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High tariffs, funding cuts and falling consumer spending are putting pressure on business workforces
Job Cuts Have Jumped 47% Year-Over-Year, According to New Report - RetailWire
Job cuts in the U.S. increased 47% in May compared to the same month last year. According to a report from Challenger, Gray & Christmas, a business and executive coaching firm, companies eliminated 93,816 jobs last month compared to 63,816 in May 2024. For the first five months of 2025, employers cut a total of 696,309 jobs. The figure represents an 80% surge over the same period last year, which only had 395,859 job losses. “Tariffs, funding cu…
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Total News Sources21
Leaning Left3Leaning Right2Center11Last UpdatedBias Distribution69% Center
Bias Distribution
- 69% of the sources are Center
69% Center
L 19%
C 69%
13%
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