October Job Cuts Surge From Last Year as Job Openings Drop, Hiring Flat

‘Job openings have fallen and hiring is pretty flat at the moment,’ said recruitment expert Andrew Challenger.

A Safran technician works at the LEAP engine maintenance center during a media visit to Steenokkerzeel, near Brussels, on Oct. 29, 2024. John Thys/AFP via Getty Images

U.S. layoff announcements increased in October from a year ago, signaling that the labor market is still gradually cooling after an overheated stretch in the post-COVID-19 pandemic economy.

Companies announced 55,597 layoffs in October, down by 24 percent from September and up by 51 percent from the same time a year ago, according to new data from global recruitment firm Challenger, Gray & Christmas.