"Employers slashed 153,074 jobs last month, up 175% from a year earlier, according to a Thursday report from global outplacement and executive coaching firm Challenger, Gray & Christmas. October's total marked the highest for the month since 2003, driven largely by cost-cutting, though artificial intelligence ranked as the second-most cited factor. Year-to-date layoffs were already at their highest level since 2020 before the heavy downsizing that occurred last month."
"Retail has been one of the hardest hit industries this year, behind only warehousing and non-profits. So far in 2025, the sector has announced 88,664 job cuts, a 145% increase from the 36,136 recorded through October last year. The cuts come after a series of large-scale reductions across the retail industry. Amazon announced plans last week to eliminate 14,000 corporate roles as part of CEO Andy Jassy's effort to streamline operations and reduce bureaucracy."
Employers cut 153,074 jobs in October, a 175% increase from a year earlier and the highest October total since 2003. Cost-cutting was the leading reason cited for the wave of layoffs, with artificial intelligence named as the second-most cited factor. Year-to-date layoffs were already at their highest level since 2020 before October's heavy downsizing. Retail has been particularly hard hit, with 88,664 job cuts so far in 2025, a 145% increase year-over-year. Major companies including Amazon and Target announced substantial white-collar reductions as companies adjust after post-Covid hiring and face tariffs, immigration challenges, and inflation.
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