The Dow Jones (DJIA) faced pressure on Thursday morning following a concerning development from the labor market.
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U.S. employers announced 153,074 job cuts in October, up by 175% year-over-year and marking the highest total for the month since 2003, according to outplacement firm Challenger, Gray & Christmas.
“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,” said Challenger, Gray & Christmas chief revenue officer Andy Challenger.
Job Cuts Surge Past 1 Million in 2025
Several major companies announced layoffs in October, including Amazon (AMZN), Target (TGT), and United Parcel Service (UPS). Most of the layoffs came from the warehousing sector with technology trailing behind.
On a year-to-date basis, job cuts total 1.09 million, reaching their highest level since the COVID pandemic in 2020. Hiring is also taking a hit and is at its lowest yearly level since 2011.
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