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October U.S. Layoffs Hit 22-Year High as Companies Restructure for AI

With federal jobs data paused by the shutdown, private trackers attribute the surge to AI-driven restructuring plus cost cutting.

The Amazon headquarters in Seattle on October 28. Major companies like Amazon and Target have announced major layoffs in recent months, with several of them citing AI.
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People wait in a line outside a newly reopened career center for in-person appointments in Louisville, Kentucky, U.S., April 15, 2021. REUTERS/Amira Karaoud

Overview

  • Employers announced 153,074 job cuts in October, the highest October total since 2003, according to Challenger, Gray & Christmas.
  • Announced cuts reached roughly 1.1 million through October, marking the most year-to-date since 2020.
  • Warehousing led October reductions with about 47,878 planned cuts, followed by technology with 33,281.
  • Challenger tied 31,039 October cuts explicitly to AI, with firms also citing belt-tightening and softer spending as drivers.
  • With BLS reports delayed by the shutdown, ADP showed a modest 42,000 private-job gain as the Federal Reserve tracks layoff signals after two recent rate cuts.