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https://www.forbes.com/sites/maryroeloffs/2025/11/06/more-than-1-million-jobs-have-been-cut-this-year-report-says/
Private and public employers cut 153,074 jobs in October, according to a report from career services firm Challenger, Gray & Christmas, a 183% increase from the month before and a 175% spike over the same month last year.
More than 1 million jobs have been cut so far this year, up 65% from the 664,839 announced in the first 10 months of 2024 and 44% more than cuts made in all of 2024.
The government, responsible for more than 300,000 job losses, remains the sector with the most cuts this year, followed by the technology, warehousing, retail and service sectors.
Job cuts have surpassed 1 million in a year only four other times in the last 32 years: 2001 (when the dot-com bubble burst), 2008 and 2009 (in the midst of the Great Recession) and 2020 (when the COVID pandemic struck).
Andrew Challenger, chief revenue officer and labor expert for Challenger, Gray & Christmas, blamed the adoption of artificial intelligence, federal budget cuts, lower customer and corporate spending and rising costs for the job cuts announced in October.
Last month brought the highest number of job cuts for any October since 2003, when large layoffs were announced in the telecommunications sector as cell phones gained wide adoption.
Private and public employers cut 153,074 jobs in October, according to a report from career services firm Challenger, Gray & Christmas, a 183% increase from the month before and a 175% spike over the same month last year.
More than 1 million jobs have been cut so far this year, up 65% from the 664,839 announced in the first 10 months of 2024 and 44% more than cuts made in all of 2024.
The government, responsible for more than 300,000 job losses, remains the sector with the most cuts this year, followed by the technology, warehousing, retail and service sectors.
Job cuts have surpassed 1 million in a year only four other times in the last 32 years: 2001 (when the dot-com bubble burst), 2008 and 2009 (in the midst of the Great Recession) and 2020 (when the COVID pandemic struck).
Andrew Challenger, chief revenue officer and labor expert for Challenger, Gray & Christmas, blamed the adoption of artificial intelligence, federal budget cuts, lower customer and corporate spending and rising costs for the job cuts announced in October.
Last month brought the highest number of job cuts for any October since 2003, when large layoffs were announced in the telecommunications sector as cell phones gained wide adoption.
