Job cuts in October hit highest level for the month in 22 years, Challenger says
CNBC ^ | 11/06/2025 | Jeff Cox
Posted on 11/06/2025 6:36:05 AM PST by thegagline
Layoff announcements soared in October as companies recalibrated staffing levels during the artificial intelligence boom, a sign of potential trouble ahead for the labor market, according to outplacement firm Challenger, Gray & Christmas.
Job cuts for the month totaled 153,074, a 183% surge from September and 175% higher than the same month a year ago. It was the highest level for any October since 2003. This has been the worst year for announced layoffs since 2009.
***
To be sure, the Challenger monthly numbers can be highly volatile, and an accelerated pace of layoffs has yet to show up in state-level weekly jobless claim filings that continue to come in despite the shutdown. Payrolls processing firm ADP reported that October saw net job growth of 42,000, reversing two consecutive months of losses in the private sector.
*** The central bank has lowered its benchmark interest rate twice since September and is expected to approve another quarter percentage point reduction in December as policymakers look to get ahead of any more serious problems. Challenger reports the highest level of layoffs coming from the technology sector amid a time of restructuring due to AI integration. Companies in the sector announced 33,281 cuts, nearly six times the level in September.
Consumer products also saw a sharp gain to 3,409, while nonprofits, an area hit hard by the shutdown, listed 27,651 cuts year to date, up 419% from the same point in 2024. *** In total, companies have announced 1.1 million cuts this year, a 65% increase from a year ago and the highest level since the Covid pandemic year of 2020. October saw the highest total for any month in the fourth quarter since 2008.
(Excerpt) Read more at cnbc.com ...
TOPICS: Business/Economy; News/Current Events
KEYWORDS: letgo; pinkslip; redundant; sacked
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Also of note is that consumer debt has reached a record highof 18 trillion dollars, and national debt is now over 38 trillion dollars.
1 posted on 11/06/2025 6:36:05 AM PST by thegagline
To: thegagline
It’s OK...Mamdani will fix it all when he is President.
2 posted on 11/06/2025 6:37:10 AM PST by woweeitsme
To: thegagline
CNBC = Communist National Broadcasting Commissars.
Enough said
3 posted on 11/06/2025 6:38:36 AM PST by Skwor
To: thegagline
How can this be as the Trump economy is doing so well! NOT!
4 posted on 11/06/2025 6:44:47 AM PST by dpetty121263
To: woweeitsme
this doesn’t fully excuse the population’s embrace of socialist/leftist candidates, but when we see headlines like this...we have to assume this will put pressure on the GOP for the midterms
5 posted on 11/06/2025 6:46:28 AM PST by millenial4freedom (Government was supposed to preserve freedom, not serve as a jobs program for delinquents and misfits)
To: thegagline
When the SCOTUS overturns Trump’s tariffs that is going to get interesting...from an historical stand point as SCOTUS will defang Trump’s main weapon.
6 posted on 11/06/2025 6:47:05 AM PST by dpetty121263
To: millenial4freedom
We have to show up mext year
7 posted on 11/06/2025 6:49:17 AM PST by cowboyusa ( YESHUA IS KING OF AMERICA AND HE WILL HAVE NO OTHER GODS BEFORE HIM!)
To: thegagline
Looks like the chickens are coming home to roost. This has been a long time coming and the uniparty owns it all. I’m not sure the long fall can be avoided at this point.
Anyway, the usual bedwetters are saying it’s all Trump’s fault as usual.
8 posted on 11/06/2025 6:55:23 AM PST by ChuckHam
To: thegagline
And the stock market hits all time highs within the last week…
9 posted on 11/06/2025 6:56:18 AM PST by Uncle Miltie
To: dpetty121263
10 posted on 11/06/2025 6:59:20 AM PST by traderrob6
To: thegagline
Remember too, this is the month all those federal make-work employees got their deferred layoff from their useless federal jobs.
11 posted on 11/06/2025 7:00:58 AM PST by ViLaLuz (2 Chronicles 7:14)
To: All
Sounds like we need to increase deportations and slow down immigrations (especially from h1b visa types)
12 posted on 11/06/2025 7:05:14 AM PST by escapefromboston (Peace, commerce and honest friendship with all nations, entangling alliances with none.)
To: thegagline
Folks can close their eyes, put their fingers in their ears, and yell "I'm not listening!" if they want, but the fact remains that the economy is not that great for most people now, including a lot of Trump voters And despite all the crap she gets on here, MTG is the one person Trump should be listening to right now. I am beginning to think Trump is surrounded by people who do nothing but pump out sunshine and roses about how wonderful everything is.
Remember how Biden gaslit everyone with all the happy talk about Bidenomics? How is that different from Trump trying to convince everyone that we are in the midst of some Great Golden Age, when it's just apparent to most people that it's not the case?
Nothing alienates people who are going through tough times more than somebody patting them on the head and telling them how good they have it.
13 posted on 11/06/2025 7:06:32 AM PST by hcmama
To: dpetty121263
14 posted on 11/06/2025 7:06:53 AM PST by crz
To: nobody in particular
Who needs humans when the work can be done with AI and robots? I thought I read that Amazon laid off 40k people due to their jobs can be done with AI.
15 posted on 11/06/2025 7:07:32 AM PST by SGCOS (If COVID doesn't kill you, the vaccines will. )
To: Skwor
What’s that supposed to mean???
16 posted on 11/06/2025 7:07:46 AM PST by lasereye
To: thegagline
Yes. High debt levels include $1.7 trillion credit card debt, and student loans in default are over 10%.
17 posted on 11/06/2025 7:10:45 AM PST by VanShuyten ("...that all the donkeys were dead. I know nothing as to the fate of the less valuable animals.”)
To: dpetty121263
Deliberately increasing prices, particularly food prices, is not a recipe for electoral success. It may have contributed to yesterday’s bad results.
But there’s these imbeciles who like paying higher prices for bananas or whatever. Because it’s stopping Guatemala from taking advantage of us, apparently.
18 posted on 11/06/2025 7:13:06 AM PST by lasereye
To: lasereye
It means CNBC is wildly biased reporting TDS and anti-conservative
19 posted on 11/06/2025 7:15:04 AM PST by Skwor
To: dpetty121263
Learn your history.
Benjamin Harrison issued retaliatory tarrifs which caused thee most severe depression in history, aside the 30s, which resulted in the then president was blamed for. His party failed to obtain majority till 1910.
The 1930s saw the tarrif wars which resulted in the deepening of the depression and they did it to protect American interests.
Richard Nixon attempted to limit imports during his administration which did not go well.
Ronald Reagan, the greatest president in the last 120 years, called retalitory tarrifs protectionism. He was/is right.
I am with Ronald Reagan 100%
What this is crony corporatism.
20 posted on 11/06/2025 7:15:38 AM PST by crz
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