U.S. companies announced more than 153,000 job cuts in October—the worst October for layoffs since 2003—as artificial intelligence adoption, cost-cutting and weakening spending reshape corporate hiring, Bloomberg writes.
New data from Challenger, Gray & Christmas shows layoffs nearly tripled from a year ago, led by tech and warehousing firms. Year-to-date cuts have now exceeded 1 million, and companies have announced the fewest hiring plans since 2011.
Seasonal hiring is also on pace to be the weakest in more than a decade. Major employers including Amazon, Target, Paramount Skydance, Starbucks and Delta have all recently announced reductions, with UPS cutting 34,000 operations roles amid heightened automation. Separate labor market data shows private payrolls grew modestly in October, suggesting mixed signals—but newly unemployed workers are having a harder time landing new roles quickly. Economists and corporate leaders warn the effects of AI will be uneven—eliminating certain roles while redeploying workers elsewhere.
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