October job cuts highest for month since 2003: Report

October job cuts are the highest for the month since 2003, according to a Thursday report from analyst Challenger, Gray and Christmas.

Employers' job cuts totaled 153,074 for the month of October, marking a 174 percent increase from this time last year.

“This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008,” Andy Challenger, chief revenue officer for Challenger, Gray and Christmas, said in a statement.

The warehousing industry saw the most reductions, with 47,878 job cuts due to an “ongoing overcapacity and automation-driven restructuring following pandemic-era growth,” per the report.

The private sector added 42,000 jobs in October, according to the payroll management company ADP.

The technology sector led t