Eurodollar University America’s Job Market Just Broke (Worse Than 2008)
Nov 7, 2025
October witnessed the highest job cuts in over 20 years, surpassing even the crisis of 2008. Rising unemployment is linked to increasing delinquencies in auto, credit card, and student loans. Companies that overhired post-COVID are now slashing jobs, particularly in warehousing and tech due to weak demand. Revelio Labs reveals a disturbing downward trend in hiring, suggesting a shift towards stagnant labor dynamics. The implications for credit and lending markets are dire, as ongoing layoffs may lead to severe consequences ahead.
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Labor Market Has Shifted Into Decline
- The labor market has moved from "no hiring, no firing" to "no hiring, some firing," signaling a clear shift toward deterioration.
- Jeff Snider links this to a flattening Beveridge curve and warns it's the early stage of a deeper downturn.
Post‑COVID Worker Hoarding Backfired
- Employers hoarded workers after COVID, misreading supply shocks as permanent shortages.
- That hoarding and subsequent realization that recovery won't arrive triggered current cutbacks, Snider argues.
October Layoffs Hit Two‑Decade High
- Challenger Gray reported 153,074 job cuts in October, the worst October since 2003.
- Jeff Snider cites this as evidence big-name layoffs are now visible across industries.