We're witnessing a historic labor market shift. By November 2025, job cuts hit 1.17 million—making this only the sixth time since 1993 we've crossed the 1 million threshold.

The pattern tells a story: 2020's pandemic chaos (2.23M cuts), the dot-com crash era (1.96M in 2001, 1.37M in 2002, 1.14M in 2003), and the 2009 financial crisis (1.24M). Each spike marked a turning point for risk assets.

Here's what matters for markets: these inflection points historically preceded major capital rotations. When traditional employment wobbles, investors hunt alternatives. Worth watching how this plays into the current cycle.