US Job Cuts Hit Highest Level in 20 Months as Downturn Fears Grow

The U.S. Department of Labor building in Washington, D.C., on Mar. 26, 2020. Alex Edelman/AFP via Getty Images

Despite a strong jobs market report earlier this week, October saw the largest amount of monthly job cuts since February 2021.

Many American companies are expecting an economic downturn heading into the fourth quarter, leading to fears that more cuts are likely to come.