US Job Cuts Surge in October; Year-to-Date Total Highest Since 2020

According to the Challenger, Gray & Christmas (CG&C) Job Cut Announcement Report released on Thursday, US-based employers announced 153,074 job cuts in October, a 183% increase from September’s 54,064 cuts. Year-over-year, announced cuts were up 175% from 55,597 in October 2024.

Through October, employers have announced 1,099,500 job cuts, a 65.0% increase from the 664,839 cuts announced during the same period in 2024. The total is also 44.0% higher than the 761,358 cuts announced for all of 2024 and marks the highest year-to-date level since 2020, when 2,304,755 cuts were reported through October.

CG&C said job cuts were widespread, with significant reductions across technology, retail, services, warehousing, consumer products, non-profits, and news and media.

Hiring Plans

Through October, US employers announced 488,077 planned hires, down 35.0% from 750,333 at the same point in 2024. This is the lowest year-to-date total since 2011, when 459,971 new hires were planned. Employers have announced an average of 48,808 new hires per month so far this year, also the lowest monthly average since 2011, when it was 44,798.

Included in the 2025 total are 372,520 seasonal hiring plans through October—the lowest level of announced seasonal hires for this period since Challenger began tracking the data in 2012.