Layoff notices surged in October across much of U.S., Federal Reserve report says

Impending layoff notices across much of the U.S. surged in October, highlighting signs of stress in the job market.

Data from the Federal Reserve Bank of Cleveland shows that 39,006 Americans last month in 21 states received a Worker Adjustment and Retraining Notification Act, or WARN, notice informing them of an upcoming layoff. U.S. labor law requires employers to provide these written warnings 60 days ahead of plant closings or mass layoffs.

It represents one of the highest numbers of WARN notices since Federal Reserve Bank of Cleveland researchers started tracking the data in January 2006, although the tally remains below the spikes recorded during the 2008 financial crisis and the 2020 pandemic.

Layoff notices across the 21 states tracked by the Cleveland Fed reached a peak of more