Episode Overview

Podcast: Your Money Minute by CNBC
Episode: Most Job Cuts In Five Years 10/20/25
Host: Jessica Ettinger
Date: October 20, 2025

This episode offers a concise update on the state of the job market in the United States, focusing on the surge in job cuts and the overall cooling labor market. Using recent data from outplacement and payroll firms, host Jessica Ettinger and CNBC’s Melissa Lee provide insight into current employment challenges, exacerbated by missing governmental data due to a government shutdown.

Key Discussion Points & Insights

1. Elevated Job Cuts in 2025

• Current Trend:

  • Job cuts are down month-to-month (August to September), but the year remains significantly high for layoffs and terminations.
  • "This year is on pace to be a year with a lot of job loss."
    — Jessica Ettinger [00:06]

• Historical Context:

  • CNBC’s Melissa Lee cites a 55% increase in job cuts compared to the previous year—the highest level since 2020.

    • "Year to date, job cuts are up 55% from year ago levels, the highest since 2020."
      — Melissa Lee [00:11]

  • Comparison is made to previous disruptive events like the first wave of automation and economic recessions.

    • "You usually see these numbers during recessions or periods of major disruption such as the first wave of automation."
      — Melissa Lee [00:22]

2. Impact of Missing Government Data

• Government Shutdown:

  • The Department of Labor failed to release the September employment report due to the government shutdown.
    • "This year, data has stopped flowing because of the government shutdown, with no September employment report from the Labor Department."
      — Jessica Ettinger [00:28]

• Alternative Data Sources:

  • Large financial firms, like Carlyle, and payroll processors, like ADP, are filling the gap with their own employment data.
    • Carlyle's proprietary data shows employment growth to be essentially flat for September.

• Hypothetical Government Report:

  • Carlyle estimates that had the official report been released, it would have shown just 17,000 new jobs created—a notably weak result.

    • "Had that jobs report come out, it would have been a bad one, with just 17,000 new jobs created for the month."
      — Jessica Ettinger [00:37]

  • ADP data similarly paints a grim picture, with a private sector job loss of 32,000 in September.

    • "Including one from Payroll's company ADP, which showed a loss of 32,000 jobs in the private sector in September."
      — Jessica Ettinger [00:49]

3. Slowing Labor Market

• Overall Market Sentiment:

  • Multiple data points, from both public and private sources, are signaling that hiring is barely growing, and job losses persist.

• Resource for Further Information:

  • Listeners are encouraged to find more analysis and updates on the job market at CNBC’s website.
    • "There's a lot more on the job market. @cnbc.com"
      — Jessica Ettinger [01:13]

Notable Quotes & Memorable Moments

• "Year to date, job cuts are up 55% from year ago levels, the highest since 2020."
  — Melissa Lee [00:11]

• "You usually see these numbers during recessions or periods of major disruption such as the first wave of automation."
  — Melissa Lee [00:22]

• "This year, data has stopped flowing because of the government shutdown, with no September employment report from the Labor Department."
  — Jessica Ettinger [00:28]

• "Had that jobs report come out, it would have been a bad one, with just 17,000 new jobs created for the month."
  — Jessica Ettinger [00:37]

Timestamps for Important Segments

• Introduction & Context: [00:00] – [00:06]
• Rise in Job Cuts (Melissa Lee segment): [00:11] – [00:28]
• Data Gaps and Alternative Reports: [00:28] – [00:49]
• Flat/Negative Job Growth Details: [00:49] – [01:13]
• Further Resources/Wrap-up: [01:13]

Summary

This episode delivers a rapid yet insightful briefing on the turbulent job market of 2025. With layoffs at their highest pace since the early pandemic and critical government data missing, Jessica Ettinger and Melissa Lee place the current employment woes in context, highlighting the gravity of the situation and where listeners can go for further information. The tone remains direct and informative, mirroring the urgency of the economic headlines.