US Layoffs — November 2026, Week 1

In-Depth Analysis

Garden State Concentration

The silence across 49 states was deafening. While November's first week brought only a whisper of layoff activity nationwide—1,528 workers across just four WARN notices—every single pink slip landed in New Jersey. From the corporate corridors of Basking Ridge to the financial towers of Weehawken, the Garden State absorbed the week's entire burden of job cuts, creating an unusual geographic concentration that speaks to deeper currents in the region's economy.

The numbers tell a story of dramatic reversal. After a completely quiet prior week with zero layoffs, this modest uptick still represents a 91% plunge from the same week in 2025, when 17,418 workers received WARN notices across 278 filings. The New Jersey cluster suggests something more targeted than broad economic distress—a regional reckoning rather than national malaise.

Verizon's Thousand-Worker Question

Verizon Communications (VZ) dominated the week's layoffs, cutting 1,319 positions at its Basking Ridge headquarters—a facility that has served as the telecom giant's operational nerve center for decades. The timing aligns with the company's ongoing transformation as traditional wireline revenues continue their relentless decline while 5G infrastructure demands massive capital deployment.

Telecom analysts have long predicted this reshuffling. Verizon's legacy workforce, built during the copper-wire era, faces obsolescence as fiber networks and wireless technology require different skill sets. The company's third-quarter earnings, released weeks earlier, likely revealed margin pressures that made these cuts inevitable. With interest rates potentially stabilizing after the Federal Reserve's recent policy shifts, Verizon appears to be positioning itself for the next phase of network investment by streamlining operations now.

The ripple effects extend beyond telecommunications. Basking Ridge, a Somerset County community that has grown around corporate campuses, faces a significant economic hit. Local restaurants, service businesses, and the housing market will feel the impact as 1,300 households reassess their spending and potentially relocate.

Financial Services Trimming

The week's remaining cuts carved through New Jersey's financial sector with surgical precision. Barclays Services Corporation eliminated 80 positions in Whippany, UBS cut 58 jobs in Weehawken, and even Acme—likely the grocery chain—reduced its Sussex workforce by 71.

This financial sector downsizing reflects broader industry pressures. Global investment banks have been recalibrating their U.S. operations amid shifting trading volumes and regulatory costs. The concentration in New Jersey suggests these cuts target back-office operations rather than front-line banking services—the kind of operational consolidation that multinational banks pursue during periods of economic uncertainty.

For UBS, the Weehawken cuts likely represent continued integration following its emergency acquisition of Credit Suisse. The Swiss banking giant has been methodically eliminating redundancies across its American operations, and northern New Jersey's proximity to Manhattan makes it prime territory for consolidation.

The Quiet Before

This week's muted activity—down 91% from the previous year—suggests either genuine labor market strength or a temporary lull before larger restructuring announcements. The complete absence of layoffs in traditional manufacturing centers like the Midwest, or technology hubs like California and Washington, indicates that whatever forces drove this week's cuts were highly localized.

The geographic concentration in New Jersey may reflect the state's unique position as a corporate services hub serving the broader New York metropolitan area. As companies optimize their footprints, New Jersey operations—often viewed as cost centers rather than revenue generators—become vulnerable to consolidation pressures that wouldn't affect customer-facing operations.

With unemployment rates near historic lows, these 1,528 displaced workers enter a job market that remains relatively favorable for skilled professionals. The question is whether this week's quiet represents a new equilibrium or merely the calm before a broader wave of corporate restructuring.