October job cuts are the highest for the month since 2003, according to a Thursday report from analyst Challenger, Gray and Christmas.
Employers' job cuts totaled 153,074 for the month of October, marking a 174 percent increase from this time last year.
“This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008,” Andy Challenger, chief revenue officer for Challenger, Gray and Christmas, said in a statement.
The warehousing industry saw the most reductions, with 47,878 job cuts due to an “ongoing overcapacity and automation-driven restructuring following pandemic-era growth,” per the report.
The private sector added 42,000 jobs in October, according to the payroll management company ADP.
The technology sector led the private sector for the most reductions, recording 33,281 job cuts, Challenger, Gray and Christmas report noted.
“Like in 2003, a disruptive technology is changing the landscape,” Challenger said.
In addition to cuts, planned hires are also down by 35 percent compared to last year, reaching the lowest year-to-date total since 2011.
U.S. employers have announced plans to fill 488,077 roles.
“It’s possible with rate cuts and a strong showing in November, companies may make a late season push for employees, but at this point, we do not expect a strong seasonal hiring environment in 2025,” Challenger said.
On Wednesday, President Trump said more “American-born workers” are employed than when he took office. He’s touted his economic agenda alongside Vice President Vance.
“The president has done a lot that has already paid off in lower interest rates and lower inflation, but we inherited a disaster from Joe Biden and Rome wasn't built in a day. We're going to keep on working to make a decent life affordable in this country, and that's the metric by which we'll ultimately be judged in 2026 and beyond,” the vice president wrote in a Wednesday post on the social platform X.
“The infighting is stupid. I care about my fellow citizens--particularly young Americans--being able to afford a decent life…” he added.
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