This story was first published by Digiday sibling Modern Retail.
U.S. firms announced the most job cuts for any October in more than 20 years, fueled in part by mass layoffs at major retail companies.
Employers slashed 153,074 jobs last month, up 175% from a year earlier, according to a Thursday report from global outplacement and executive coaching firm Challenger, Gray & Christmas. October’s total marked the highest for the month since 2003, driven largely by cost-cutting, though artificial intelligence ranked as the second-most cited factor. Year-to-date layoffs were already at their highest level since 2020 before the heavy downsizing that occurred last month.
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