{"id":275606,"date":"2025-11-06T17:54:08","date_gmt":"2025-11-06T17:54:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/275606\/"},"modified":"2025-11-06T17:54:08","modified_gmt":"2025-11-06T17:54:08","slug":"layoffs-soared-in-october-to-their-highest-for-the-month-in-22-years-report-says","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/275606\/","title":{"rendered":"Layoffs soared in October to their highest for the month in 22 years, report says"},"content":{"rendered":"

Layoffs across the U.S. soared last month to more than 153,000, marking the worst October for job reductions in 22 years,\u00a0according<\/a> to outplacement firm Challenger, Gray & Christmas.<\/p>\n

Employers have announced early 1.1 million job cuts this year, the most through October since 2020, when pandemic shutdowns sent unemployment soaring.<\/p>\n

The labor market has shifted from a “no hire, no fire<\/a>” environment \u2014 when employees enjoyed job security despite slower hiring \u2014 to one where companies are cutting costs and reducing staff as they lean on AI to replace human workers.<\/p>\n

“October’s pace of job cutting was much higher than average for the month,” Andy Challenger, a workplace expert and chief revenue officer for Challenger, Gray & Christmas, said in a statement.\u00a0<\/p>\n

He added, “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.”<\/p>\n

Federal Reserve Chair Jerome Powell cited\u00a0concerns about slower hiring<\/a>\u00a0in announcing interest rate cuts in September and October.\u00a0<\/p>\n

The Department of Labor’s monthly employment report has been on hold since the\u00a0government shutdown<\/a>\u00a0began on Oct. 1, which delayed September’s labor market data and is likely to postpone October’s report.\u00a0<\/p>\n

Other measures, including data<\/a> this week from payroll processor ADP that showed muted hiring by private employers, point to a job market that has cooled sharply from earlier this year.\u00a0<\/p>\n

“Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market,” Challenger added.\u00a0<\/p>\n

The National Association for Business Economics forecast last month that the nation’s unemployment rate, which was 4.3 % as of August, will rise to 4.5% in 2026<\/a>.\u00a0<\/p>\n

\n Edited by<\/p>\n

Alain Sherter<\/a>\n <\/p>\n

\n More from CBS News\n <\/p>\n","protected":false},"excerpt":{"rendered":"Layoffs across the U.S. soared last month to more than 153,000, marking the worst October for job reductions…\n","protected":false},"author":2,"featured_media":275607,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101,4084],"class_list":["post-275606","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-employment"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/275606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=275606"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/275606\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/275607"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=275606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=275606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=275606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}