Nov. 6 (UPI) — U.S. companies cut 153,074 jobs last month, the highest number of layoffs in the month of October since 2003, outplacement firm Challenger, Gray & Christmas said in a report released Thursday.
The figure represented a 175% increase over October 2024, which had 55,597 cuts, and a 183% increase over September 2025, which had 54,064 cuts. For the year, U.S. companies have cut 1.1 million jobs, a 65% increase from the first 10 months of 2024.
CNBC reported it’s been the worst year for layoffs since 2009 during the recession.
Andy Challenger, chief revenue officer of the company, blamed the boom, in part, on changing technologies and general economic adjustments.
“Some industries are correcting after the hiring boom of the pandemic, but this comes as [artificial intelligence] adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes,” Challenger said.
“Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market.”
The warehousing sector saw the largest number of layoffs in October, 47,878, followed by technology (33,281), consumer products (3.409), retail (2,431) and services (1,990).
Disruptive technology was also to blame the last time U.S. job cuts were this high in the month of October. In 2003, there were 171,874 cuts, due to retail acquisitions and changes in telecommunications companies with the widespread adoption of cell phones.
Challenger said it was unusual for many companies to announce layoffs in October ahead of the year-end holidays. Those practices have begun to change in recent years, though.
“At a time when job creation is at its lowest point in years, the optics of announcing layoffs in the fourth quarter are particularly favorable,” he said.