In October, the number of layoffs in American challenger companies increased by 175% year-on-year, with a 65% increase in layoffs compared to the same period last year.

In October, the number of layoffs in the United States by challenger companies was 153,074 people, an increase of 175% compared to the same period last year when there were 55,597 people laid off, and an increase of 183% compared to the previous month when there were 54,064 people laid off. Andy Challenger, Chief Revenue Officer and workplace expert at Challenger companies, said, "The pace of layoffs in October was much higher than the monthly average. Some industries are adjusting to the hiring boom during the pandemic, but at the same time, the proliferation of artificial intelligence, slowing consumer and business spending, and rising costs are prompting companies to tighten budgets and freeze hiring. Employees who have been laid off are finding it increasingly difficult to find new jobs, which could further loosen the labor market." As of the end of October, employers have announced a total of 1,099,500 layoffs this year, a 65% increase compared to the same period last year, and a 44% increase compared to the total layoffs announced for the whole year in 2024. The total number of layoffs since the beginning of the year has reached a record high since 2020, with a total of 2,304,755 people laid off by the end of October.