From tech to Hollywood, retailers and utilities, U.S. companies are intensifying job cuts and workforce reductions that began in 2024, as they focus on cost savings and leaner operations amid a challenging economic environment.

Employers slashed more than 150,000 jobs in October , the largest wave of layoffs in more than 20 years, a report from Challenger, Gray & Christmas said Nov. 6.

Firms have pointed to a myriad of causes for their layoffs, from AI to tariffs and corporate restructuring.

"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," Andy Challenger, chief revenue officer for Challenger, Gray & Christmas, said in a statem

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