(Reuters) -U.S.-based employers cut more than 150,000 jobs in October, marking the hugegest reduction for the month in more than 20 years, a report by Challenger, Gray & Christmas stated on Thursday as industries adopt AI-driven alters and intensify cost cuts.
The layoffs in October surged 175% from a year ago to 153,074, the global outplacement company stated.
From the start of the year to October conclude, employers have announced 1,099,500 job cuts, a 65% rise from 664,839 in the same time period last year.
So far this year, job cuts are at the highest level since 2020 when 2,304,755 cuts were announced through October.
“Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spconcludeing, and rising costs drive belt-tightening and hiring freezes,” stated Andy Challenger, chief revenue officer for Challenger, Gray & Christmas.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Arun Koyyur)
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