Cost cutting, AI lead to surge in planned US layoffs in October
Layoffs announced by US employers surged in October as companies sought to cut costs and embrace artificial intelligence, marking the highest level for the month in 22 years and suggesting labor market dynamics could be shifting toward more firings.
Planned layoffs soared 183% to 153,074 last month, global outplacement firm Challenger, Gray & Christmas said on Thursday. That was the highest reading for any October since 2003. Announced layoffs were 175% higher compared with October 2024.
