US layoffs plunged in September, but hiring plans slumped to their lowest level in 16 years amid economic uncertainty, according to a new report.

American employers announced 54,064 job cuts last month, a striking 37% drop from August, according to a Challenger, Gray & Christmas report released Thursday.

It’s the third time this year that layoffs came in lower than the previous month, indicating employers are easing off a path of steep back-to-back job cuts. 3

But so far this year, companies have announced 946,426 job cuts – the highest year-to-date total since the pandemic.

And employers – who remain uncertain about inflation, the effects of tariffs and more – are holding back on hiring.

In the first nine months of the year, US companies planned to add 204,939 jobs – down 58% fr

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