A new report released on Thursday revealed a massive surge in job cuts last month and an overall increase in layoffs for this year—hitting levels not seen since the Great Recession.
The report from Challenger, Gray & Christmas, an outplacement firm, showed 153,074 job cuts announced in October, an increase of 183% from cuts announced in September and up 175% from the same month in 2024.
“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,” Challenger said in a release. That year was a pivotal moment in the Great Recession, in which thousands of jobs were lost around the world and the global economy faced a period of contraction.
Overall, about 1.1 million layoffs have been announced for this year, particularly since President Donald Trump took office in January. Companies have been regularly announcing their decisions to pull back, with some pointing the finger at the increased use of artificial intelligence as well as the economic weight of Trump’s tariffs.