Story perspectives

2023 Sees Record Layoffs Amid Strong Corporate Profits

11/7/2025

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Summary

Story summary

Nearly 1 million jobs were cut in 2023, the highest since the pandemic.
Economist Chen Zhao described it as a 'jobless boom' that contrasts profits with a shrinking workforce.
Major firms, including Amazon, announced significant layoffs despite strong results, while the Federal Reserve lowered interest rates amid concerns about employment growth.
The unemployment rate stayed at 4.3%, reflecting a shrinking labor pool from retiring baby boomers and lower immigration.

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Story summary

Nearly 1 million jobs were cut in 2023, the highest since the pandemic.
Economist Chen Zhao described it as a 'jobless boom' that contrasts profits with a shrinking workforce.
Major firms, including Amazon, announced significant layoffs despite strong results, while the Federal Reserve lowered interest rates amid concerns about employment growth.
The unemployment rate stayed at 4.3%, reflecting a shrinking labor pool from retiring baby boomers and lower immigration.