"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 last month announced 153,074 job cuts, nearly 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. The numbers are weak no matter how they're spliced. Year-to-date job cuts have exceeded 1 million, the most since the pandemic."
U.S. companies announced 153,074 job cuts in October, nearly triple the number a year earlier and the most for any October since 2003. The technology and warehousing sectors drove the surge. Some industries are correcting after pandemic hiring booms while AI adoption, softening consumer and corporate spending, and rising costs are driving belt-tightening and hiring freezes. Laid-off workers are finding it harder to quickly secure new roles, which could further loosen the labor market. Year-to-date job cuts have exceeded one million, the most since the pandemic, while U.S.-based employers announced the fewest hiring plans since 2011.
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