Layoffs last month reached their highest October total in more than 20 years, with American companies announcing more than 153,000 job cuts — a 175% increase from October 2023, the firm Challenge, Gray and Christmas said.

Employers cited cost-cutting measures and artificial intelligence as the leading reasons for the layoffs.

“Over the last decade, companies have shied away from announcing layoffs in the fourth quarter, so it’s surprising to see so many in October. With the onset of social media, and the ability for workers to share their negative experiences with their employers, the trend of announcing layoffs before the holidays fell away, a practice that seemed particularly cruel,” said Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray & Christmas..

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