From January to October, 1.1 million layoffs were announced in the U.S., a number similar to the “Great Recession” job cuts of 2008 to 2009. During the month of October, more than 153,000 layoffs were announced, making it the worst single month in 22 years for job losses, according to a report from the outplacement firm Challenger, Gray & Christmas. The report also found that business announcements of new hires have sunk to the lowest level in 14 years. The industries with the largest layoffs include warehousing, “technology,” and retail. This report has attracted extra attention because there are currently no data from the Labor Department, due to the government shutdown, now the longest in U.S. history.
“We’re entering new territory with these layoffs in October,” said the firm’s CEO John Challenger. “We haven’t seen mega-layoffs of the size that are being discussed now—48,000 from UPS, potentially 30,000 from Amazon—since 2020, and before that, since the recession of 2009. When you see companies making cuts of this size, it does signal a real shift in direction…. Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market.”
