(NewsNation) — Job cuts in the United States last month reached the highest level since 2003.
According to Challenger, Gray & Christmas, employers announced 153,074 job cuts in October, a 175% rise from the 55,597 cuts announced in October 2024. The industries with the most cuts were warehousing, technology, retail and the service sector.
“October’s pace of job cutting was much higher than average for the month,” Challenger, Gray & Christmas’ Andy Challenger said.
“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. Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market.”
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Through last month, job cuts had amounted to 1,099,500 — 44% of the total cuts made throughout 2024.
Year-to-date job cuts are at the highest level since five years ago, when 2,304,755 cuts were announced through October.
“Over the last decade, companies have shied away from announcing layoffs in the fourth quarter, so it’s surprising to see so many in October,” added Challenger.
In October 2003, 171,874 cuts were recorded nationwide.
