U.S. Job Cuts Surge 175% to Highest October Total Since 2003 as AI and Automation Drive Mass Layoffs
Summary
U.S. employers slash 153,074 jobs in October, a staggering 175% surge marking the highest October total since 2003, as artificial intelligence and automation drive mass layoffs across technology and warehousing sectors while companies aggressively cut costs and restructure operations.
Key Points
- U.S. employers announce 153,074 job cuts in October, up 175% from October 2024, marking the highest October total since 2003 with over 1 million cuts year-to-date
- Technology leads job cuts with 33,281 positions eliminated in October while Warehousing sector cuts 47,878 jobs due to automation and overcapacity following pandemic-era growth
- Cost-cutting drives 50,437 layoffs in October with AI responsible for 31,039 cuts as companies restructure and automate operations amid declining hiring plans