(NewsNation) — Job cuts in the United States last month reached the highest level since 2003.

According to Challenger, Gray & Christmas, employers announced 153,074 job cuts in October, a 175% rise from the 55,597 cuts announced in October 2024. The industries with the most cuts were warehousing, technology, retail and the service sector.

“October’s pace of job cutting was much higher than average for the month," Challenger, Gray & Christmas' Andy Challenger said.

"Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes. Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market."

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