President Donald Trump keeps boasting about the economy—but a new report is painting a much different picture.

Just one day after Trump claimed the economy was “BOOMING,” a new report from the research firm Challenger, Gray & Christmas showed that corporate layoffs hit the highest level since 2003 in the month of October. The report showed U.S. employers slashed 153,074 jobs in October, which is up 175% from cuts announced in October 2024.

October’s job cuts are also up from the month prior, when U.S. employers reported 54,064 job cuts for September.

Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray & Christmas, said October’s job cuts were “much higher than average for the month.”

“Some industries are correcting after the hiring boom of the pandemic,

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