Overview
- Technology companies led October’s reductions with 33,281 planned cuts, with warehousing also among the hardest-hit sectors.
- Employers have announced more than one million job cuts so far this year, roughly 65% higher than the same period in 2024.
- Cost reduction was the most-cited driver in October at 50,437 planned cuts, with artificial intelligence cited for 31,039.
- Hiring plans fell to their weakest since 2011, and seasonal hiring through October was the softest since tracking began in 2012.
- With BLS releases halted by the shutdown, markets and officials are turning to ADP payrolls, Challenger tallies, and estimates from Revelio Labs and the Chicago Fed to assess labor conditions.