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No, the word 'layoff' is a noun, a word for temporary or permanent removal of a worker or workers; a word for a thing.

The verb form is 'lay off', the verb 'lay' modified by the adverb 'off'.

Examples:

The layoff lasted for six months. (noun)

We have to lay off several workers. (verb and adverb)

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Q: Is layoff a verb
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