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4w ago

U.S. Layoff Announcements Surge to 153,074, Highest October Since 2003

With official jobs data paused by the shutdown, analysts are leaning on private datasets sending mixed signals about hiring, unemployment.

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
Austan Goolsbee, president of the Federal Reserve Bank of Chicago, speaks at the Stanford Institute for Economic Policy Research (SIEPR) Economic Summit in Palo Alto, California, U.S., February 28, 2025. REUTERS/ Ann Saphir

Overview

  • Challenger, Gray & Christmas reported 153,074 announced cuts in October, up 183% from September and 175% from a year earlier, the highest October total since 2003.
  • Year-to-date announced cuts reached roughly 1.1 million, the most through October since 2020, as seasonal hiring plans fell to series lows tracked by the firm.
  • Warehousing led October reductions with 47,878 planned cuts, followed by technology with 33,281, with high-profile moves by Amazon, Target, Meta and Paramount cited in coverage.
  • Cost-cutting was the top stated reason in October (about 50,000 cuts), with AI-related restructuring second (about 31,000), according to the Challenger report.
  • With BLS releases suspended during the shutdown, private indicators diverged: ADP showed a gain of 42,000 private jobs in October, while the Chicago Fed estimated unemployment near 4.36% and Revelio Labs flagged job losses.