US Companies Announce Most October Job Cuts in Over 20 Years

Source: Bloomberg

"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 announced 153,074 job cuts last month, almost triple the number during the same month last year and driven by the technology and warehousing sectors. It’s the most for any October since 2003, when the advent of cellphones was similarly disruptive, said Andy Challenger, the company’s chief revenue officer.

“Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes,” Challenger said in the report. “Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market.”

Layoffs for Any October Highest Since 2003
Warehousing and technology sectors led last month's surge"

Read more: https://www.bloomberg.com/news/articles/2025-11-06/ai-revolution-prompts-most-october-us-layoffs-in-over-20-years?srnd=homepage-americas