US EditionJob cuts in October hit highest level for the month in 22 years, new report says
- On Nov 6, Challenger, Gray & Christmas reported U.S. employers announced 153,074 job cuts in October, the largest October since 2003, a 175% rise from last year.
- Cost-Cutting measures drove much of the activity, causing 50,437 layoffs, while artificial intelligence prompted 31,039 cuts in October, and the report said `DOGE Impact` leads 2025 federal-related reductions.
- Warehousing and technology executives announced nearly 48,000 warehousing cuts, more than 33,000 technology job eliminations, and about 34,000 operational roles cut last month.
- Bond investors pushed Treasury yields lower as markets reacted to labor-market weakness, with the 30-year bond yield falling to 4.712% and the 2-year note yield retreating to 3.588%.
- Employers have now announced over one million layoffs this year, a 65% year-over-year increase, with hiring plans averaging 48,808 new hires monthly, the lowest since 2011.
66 Articles
66 Articles
'October’s pace of job cutting was much higher than average': Definitive layoff report reveals 'DOGE impact' on labor market
Andy Challenger says “Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market.”
The Mercury news
siliconvalley.comAI revolution prompts most October US layoffs in over 20 years
(Bloomberg/Julia Fanzeres) — US companies announced the most job cuts for any October in more than two decades as artificial intelligence reshapes industries and cost-cutting accelerates, according to data from outplacement firm Challenger, Gray & Christmas Inc. Companies last month announced 153,074 job cuts, nearly triple the number during the same month last year and driven by the technology and warehousing sectors. It’s the most for any Octo…
'Really hurting': US job cuts surge to decades-high level amid Trump recession fears
Employers have cut over one million jobs so far this year, with announced layoffs surging in October to levels not seen in decades. Some experts have been warning about a possible recession.“U.S. employers have announced 1.1 million layoffs so far this year — the largest reading since the pandemic recession and on par with 2008 and 2009 job cuts during the Great Recession,” The Washington Post reported on Thursday, pointing to a report from Chal…
‘Really Hurting’: U.S. Job Cuts Surge to Decades-Level High Amid Trump Recession Fears
Employers have cut over one million jobs so far this year, with announced layoffs surging in October to levels not seen in decades. Some experts have been warning about a possible recession. “U.S. employers have announced 1.1 million layoffs so far this year — the largest reading since the pandemic recession and on par with 2008 and 2009 job cuts during the Great Recession,” The Washington Post reported on Thursday, pointing to a report from Cha…
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