Overview
- Employers announced 153,074 cuts in October, up 183% from September and 175% from a year earlier, bringing year-to-date announcements to about 1.10 million, the most through October since 2020.
- Warehousing led October plans with 47,878 cuts, followed by technology with 33,281, reflecting overcapacity, automation, and post-pandemic recalibration.
- Cost-cutting was the top stated reason last month, with artificial intelligence cited in 31,039 October cuts and 48,414 so far this year as firms retool operations.
- Hiring plans weakened, with 488,077 positions announced through October and 372,520 seasonal roles, the lowest comparable tallies since 2011 and 2012 respectively.
- With official labor reports delayed by the government shutdown, markets leaned on Challenger and ADP, which showed a modest 42,000 private payroll gain, though announcement-based counts may not match realized layoffs.