Monthly layoffs in the United States hit a 22-year high in October, with companies reporting more than 153,000 planned job cuts, according to a recent report.

The report from research firm Challenger, Gray & Christmas found that recent factors like “AI adoption, softening consumer and corporate spending, and rising costs” are driving companies to cut spending and stop hiring.

“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. Like in 2003, a disruptive technology is changing the landscape,” said Andy Challenger, chief revenue officer at CGC.

The sectors hit hardest by the layoffs include tech, retail and warehousing, accounting for hundreds of thousands of jobs lost. The report says that the “DOGE Impact” i

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