U.S. job cuts surge past 1 million, marking the worst October since 2003 AI and cost-cutting drive layoffs as companies tighten belts Hirin

According to a new report from executive coaching firm Challenger, Gray & Christmas, which tracked layoff announcements from companies in several different employment sectors ranging from retail to media, in 2025, the tech industry had the highest recorded number of layoffs for the month of October: 33,281 compared with 5,639 in September.

Employers announced over 153,000 job cuts last month, marking the worst October for layoff announcements in 22 years.

Layoffs across the U.S. soared last month, marking the worst October cuts in 22 years, according to the firm Challenger, Gray and Christmas. CBS News MoneyWatch correspondent Kelly O'Grady breaks it down.

US companies announced the most job cuts for any October in more than two decades as artificial intelligence reshapes industries and cost-cutting accelerates.

Andy Challenger says “Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market.”

Here are 10 hospitals and health systems that have conducted or announced layoffs since Oct. 1, 2025, as reported by Becker’s: 1. Rochester (N.Y.) Regional Health shared plans to eliminate some non-patient-facing roles.