laid off

A layoff is the termination of employment of an employee or (more commonly) a group of employees for business reasons, such as the decision that certain positions are no longer necessary. Originally the term "layoff" referred specifically to a temporary interruption in work, as when factory work cyclically falls off. However, the term has long been applied also to the permanent elimination of positions as a cost-cutting measure (or for other reasons).
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Adjective
1. having lost your job
(synonym) discharged, dismissed, fired, pink-slipped
(similar) unemployed

to be told by the manager that your job is cancelled Billy was laid off because there's not enough work at the plant.