"Layoffs in the U.S. hit their highest level in more than 20 years, with employers cutting more than 150,000 jobs amid AI initiatives and cost-saving measures.
According to the global outplacement firm Challenger, Gray & Christmas, tech companies topped the list for private-sector layoffs, with retailers and services also reporting significant reductions. The latest cutbacks, under President Donald Trump's administration, were driven by cost-cutting measures and AI adoption, with “DOGE Impact” leading job cuts in 2025.
Job cuts jumped 175% compared to last year, totaling 153,074. From the start of the year through October, companies reported 1,099,500 layoffs, up 65% from 664,839 a year earlier.
Job cuts this year are at their highest since 2020, which recorded 2,304,755 layoffs through October. "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," said Andy Challenger, chief revenue officer for Challenger, Gray & Christmas.
Layoffs not only grew bigger at individual companies, Challenger said, but the total number of firms planning cuts also rose, with nearly 450 tracked in October versus less than 400 in September. "
https://knewz.com/layoffs-surge-to-new-high-under-trump/?utm_source=rss_knewzmsngalleries
@no1marauder saidYou guys on the right talking about lies on the left?
"Layoffs in the U.S. hit their highest level in more than 20 years, with employers cutting more than 150,000 jobs amid AI initiatives and cost-saving measures.
According to the global outplacement firm Challenger, Gray & Christmas, tech companies topped the list for private-sector layoffs, with retailers and services also reporting significant reductions. The latest c ...[text shortened]... mber. "
https://knewz.com/layoffs-surge-to-new-high-under-trump/?utm_source=rss_knewzmsngalleries
Here ya go. When are we gonna hear the apologies for this?
My guess is never.
@no1marauder saidYesterday Trump's press secretary said they are not going to release the nationwide jobs numbers. Ever. Immediately after, the stock market tanked.
"Layoffs in the U.S. hit their highest level in more than 20 years, with employers cutting more than 150,000 jobs amid AI initiatives and cost-saving measures.
According to the global outplacement firm Challenger, Gray & Christmas, tech companies topped the list for private-sector layoffs, with retailers and services also reporting significant reductions. The latest c ...[text shortened]... mber. "
https://knewz.com/layoffs-surge-to-new-high-under-trump/?utm_source=rss_knewzmsngalleries
That tells you everything you need to know about where the economy is headed.
@wildgrass saidYeah, seems a bit sus, no?
Yesterday Trump's press secretary said they are not going to release the nationwide jobs numbers. Ever. Immediately after, the stock market tanked.
That tells you everything you need to know about where the economy is headed.
@AThousandYoung saidWelcome to the "K" shaped economy.
But we have trillionaires now!
I mean, yeah, it's been around forever, in the form of "the rich get richer and the poor get poorer", but I'll let Trump take credit for it.
@AThousandYoung saidMaybe there's a new elevator pitch for "The Purge" series in that?
But we have trillionaires now!
But I think Terry Eagleton had something to say about "artistic" works being unlikely to undermine whatever economic substrate funds them.