US employers announced 43,994 job cuts in October, according to Challenger, Gray & Christmas, up 2% from September's 43,281 but down 71% from the same month a year earlier.
Source: Sharecast
October's reading was the lowest for the month since 2023 and marked the eighth time this year that planned layoffs came in below levels seen a year earlier.
Food companies led announced job cuts during the month with 9,677, followed by the technology sector with 5,576 and services firms with 5,458.
Year-to-date, employers have announced 617,189 job cuts, representing a 44% decline from the same period a year earlier for the lowest print for the first 10 months of the year since 2022, when employers announced 243,338 layoffs.
Despite the broader improvement in labour market conditions, technology remained the hardest-hit sector, accounting for 171,501 planned job cuts so far this year, up 21% year-on-year.
"This is a low-fire environment. Employers are holding on to the workers they have heading into the holidays, and the hiring they are announcing is largely short-term, seasonal work. Companies want the flexibility to meet holiday demand without adding permanent headcount," said Andy Challenger.
Reporting by Iain Gilbert at Sharecast.com
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