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Job seekers at a career fair in San Francisco. (David Paul Morris/Bloomberg)

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U.S. companies announced the most job cuts for any October in more than two decades as artificial intelligence reshapes industries and cost-cutting accelerates, according to data from outplacement firm Challenger, Gray & Christmas Inc.

Companies announced 153,074 job cuts last month, almost triple the number during the same month last year and driven by the technology and warehousing sectors. It’s the most for any October since 2003, when the advent of cellphones was similarly disruptive, said Andy Challenger, the company’s chief revenue officer.

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

The numbers are weak no matter how they’re spliced. Year-to-date job cuts have exceeded 1 million, the most since the pandemic. In the same period, U.S.-based employers have announced the fewest hiring plans since 2011. Seasonal hiring plans through October are the��lowest��since Challenger started tracking them in 2012.

BREAKING: U.S. employers announced 153,074 job cuts in October, the highest for the month since 2003. Cuts are up 175% YoY and 183% MoM, totaling 1.1M so far in 2025 (+65%). Warehousing, Tech lead; cost-cutting & AI drive layoffs. — ChallengerGray (@ChallengerGray)

“It’s possible with rate cuts and a strong showing in November, companies may make a late season push for employees, but at this point, we do not expect a strong seasonal hiring environment in 2025,” said Challenger.

In recent weeks, Target Corp. announced plans to eliminate 1,800 roles, or about 8% of corporate jobs in its first major restructuring in years. Amazon.com Inc. said it would slash 14,000 corporate jobs — following a warning from its CEO that AI will shrink the company’s workforce — while Paramount Skydance Corp. axed 1,000 workers. Other companies cutting corporate jobs include Starbucks Corp., Delta Air Lines Inc., CarMax Inc., Rivian Automotive Inc. and Molson Coors Beverage Co., which cut about 9% of its salaried workforce.

Amazon ranks No. 1��on the Transport Topics Top 100 list of the��largest logistics companies in North America, No. 15 on the TT Top 100 list of the��largest private carriers��and No. 1 on the TT Top 50 list of the��largest global freight companies.

The companies’ reasons vary. UPS Inc. said last month that it has culled its operational workforce — which includes delivery drivers and package car handlers — by 34,000, about 70% more than it previously projected earlier this year. The package handler cited increased use of automation, which has driven up productivity.��

UPS ranks No. 1�� on the��Transport Topics Top 100 list of the largest for-hire carriers��in North America.����UPS Supply Chain Solutions is No. 5 on the��TT Top 100 list of the largest logistics companies. The company also ranks No. 3 on the��TT Top 50 list of the largest global freight carriers.

Others are focused on removing layers of management, reducing the hangover from the pandemic-fueled hiring bloat and protecting profit margins from the added costs of tariffs. While many expected increased levies to drive up prices, many employers have absorbed the price increases and instead chosen to cut costs from labor and other parts of their businesses.

Mounting job-cut announcements risk fueling concerns about the health of the labor market just as newly unemployed Americans are facing a diminished hiring environment. The figures could also be viewed at odds with Federal Reserve Chair Jerome Powell’s recent characterization that there’s only a “very gradual cooling” in the job market.

JPMorgan Chase & Co. CEO Jamie Dimon echoed Powell’s sentiment. He said headcount at the largest U.S. bank will probably remain steady or rise as it continues to roll out artificial intelligence, if “we do a good job.” Dimon said the bank would redeploy workers whose jobs were impacted by the technology. AI will reduce human workloads in many roles, but “it will also create jobs,” he said in a recent��interview��with CNN.

Payrolls at U.S. companies increased by 42,000 in October after two straight months of declines, signaling some stabilization while consistent with a��general softening��in labor demand, ADP Research data showed Nov. 5. Revelio Labs will also put out a job-market report later Nov. 6 as economists increasingly turn to private sector data in the government shutdown.