US October Challenger layoffs 153.074k vs 54.064k prior | investingLive

The data is released earlier than expected by the source. US-based employers announced 153,074 job cuts in October this year, which is up a whopping 175% from the 55,597 cuts announced in October 2024. Even compared to September, the number of layoffs is up a staggering 183% last month. And historically for October, this is the highest one since October 2003.

“October’s pace of job cutting was much higher than average for the month. 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.”

Looking at the details, layoffs jumped in the tech sector last month with 33,281 job cuts announced in October. That is up sharply from the 5,639 job cuts in September. Meanwhile, retailers also continue to suffer with 2,431 job cuts in October. Year-to-date though, retailers announced 88,664 job cuts, which represent a 145% increase from the 36,136 job cuts announced through October last year.