2025 just dropped a concerning stat: job cuts have blown past 1.1 million. That's the highest we've seen since the COVID chaos.

Think about what this means for a second. Companies aren't trimming fat anymore—they're cutting deep into muscle. Tech sector? Bloodbath. Finance? Getting hammered. Even sectors that felt bulletproof 18 months ago are now announcing layoffs in waves.

This kind of labor market stress doesn't happen in isolation. When over a million people lose their paychecks, consumer spending tanks. When spending drops, corporate earnings follow. And when earnings disappoint? Markets get volatile fast.

For those of us watching macro trends, this is a flashing yellow light. Maybe not full-blown recession territory yet, but the labor market—historically one of the last dominoes to fall—is clearly wobbling.

Risk assets could see some turbulence ahead. Flight to safety might accelerate if this trend continues into Q2. Worth keeping this number on your radar as we navigate the rest of the year.