Overview
- Challenger, Gray & Christmas reported 153,074 planned job cuts in October, the highest October total since 2003, bringing 2025 announcements to about 1.1 million, up roughly 65% from a year earlier.
- Cost-cutting was cited as the top reason for October reductions (about 50,437 planned cuts), with artificial intelligence named second (about 31,039).
- Layoff plans were concentrated in warehousing (about 47,878) and technology (about 33,281), with retail and services also showing notable reductions.
- With BLS releases paused by the shutdown, private indicators offered mixed readings: ADP counted a gain of 42,000 private jobs, the Chicago Fed estimated unemployment near 4.36%, and Revelio Labs estimated a net loss of about 9,100 jobs.
- Fed officials warned private data are no substitute for official statistics as hiring plans weaken heading into the holidays, even after two rate cuts since September.