Key Takeaways

U.S. companies announced 153,074 job cuts last month, the most for any October since 2003, according to a new report.

Cost-cutting and AI were the two main reasons for job reductions.

Employers eliminated more than a million jobs so far this year, an increase of 65% when compared to the first 10 months of last year.

In October, U.S. companies executed more layoffs than in any other October in 22 years. The surge was driven by the rapid adoption of AI and significant cost-cutting.

According to a report released Thursday from human resources consulting firm Challenger, Gray & Christmas, U.S. companies announced 153,074 job cuts last month, the most for any October since 2003 and almost triple the number during the same month the previous year. October saw the high

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