“We’re entering new territory with these #layoffs in October,” said John Challenger, CEO of the consulting firm that tracks job losses. “We haven’t seen mega-layoffs of the size that are being discussed now — 48,000 from UPS, potentially 30,000 from Amazon — since 2020 & before that, since the #recession of 2009. When you see companies making cuts of this size, it does signal a real shift in direction.”
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The data includes a recent spate of #layoffs at major companies such as UPS, Amazon & Target, & adds to growing concern about a labor market slowdown.
Employers cited #CostCutting & #ArtificialIntelligence as the top 2 reasons for job reductions in October.
#economy #Trump #tariffs #inflation #recession #trumpcession
“We’re entering new territory with these #layoffs in October,” said John Challenger, CEO of the consulting firm that tracks job losses. “We haven’t seen mega-layoffs of the size that are being discussed now — 48,000 from UPS, potentially 30,000 from Amazon — since 2020 & before that, since the #recession of 2009. When you see companies making cuts of this size, it does signal a real shift in direction.”
Recent #layoffs, the data shows, have been concentrated in technology, retail, service & warehousing jobs. Employers announced >153,000 job cuts last month, a 183% increase from the month before, marking the worst October for layoffs since 2003, the Challenger report said.
The government #shutdown, now in its 2nd month, has left policymakers, investors & economists [conveniently] without official #data at a critical moment.
#economy #Trump #tariffs #inflation #recession #trumpcession
