October was an especially miserable time for both employees and job seekers. New data from outplacement firm Challenger, Gray & Christmas shows that last month saw 153,074 job cuts, the highest number since 2003.
At the same time, hiring is at its lowest level since 2011 and even seasonal hiring appears to be suffering as the holiday season ramps up. The report said that seasonal hiring levels in October were the lowest they’ve been since the company began tracking the category in 2012.
“This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008. Like in 2003, a disruptive technology is changing the landscape,” said Andy Challenger, workplace expert and the company’s chief revenue officer. “It’s possible with [interest] rate cuts and a strong showing in November, companies may make a late season push for employees, but at this point, we do not expect a strong seasonal hiring environment in 2025.”
Employers have announced 1,099,500 job cuts in 2025 as of the end of October. That’s 65% higher than the 664,839 announced in the first ten months of last year and 44% higher than 2024’s year-end total.
The technology sector saw big cuts in October, with more than 33,000 jobs lost, almost six times as many as September. Warehousing was even worse, with 47,878 cuts.
Among the big announced workforce reductions last month were Amazon, Meta, Target and Paramount Skydance. The Challenger numbers cast doubt on comments from Federal Reserve Chair Jerome Powell’s that the job market is only experiencing a “very gradual cooling.”
