Although we do not have an official Bureau of Labor Statistics report since the government shuttered and The Fascist Felon fired Dr. Erika McEntarfer from her role as the Commissioner of the Bureau of Labor Statistics (BLS), ADP estimated that private-sector businesses added an estimated 42,000 jobs last month, a swing into positive territory after back-to-back months of job losses.
The largest job gains were spread across industries such as trade, transportation and utilities (+47,000 jobs); education and health services (+26,000); and financial activities (+11,000), ADP reported.
But, on the flip side:
- Job cuts for October totaled 153,074, a 183% surge from September and 175% higher than the same month a year ago. It was the highest level for any October since 2003 and has been the worst year for layoffs since 2009.
- Companies in the technology sector announced 33,281 cuts, nearly six times the level in September.
- “Like in 2003, a disruptive technology is changing the landscape,” said Andy Challenger, workplace expert and chief revenue officer at outplacement firm Challenger, Gray & Christmas.
Layoff announcements soared in October as companies recalibrated staffing levels during the artificial intelligence boom, a sign of potential trouble ahead for the labor market, according to outplacement firm Challenger, Gray & Christmas.
Job cuts for the month totaled 153,074, a 183% surge from September and 175% higher than the same month a year ago. It was the highest level for any October since 2003. This has been the worst year for announced layoffs since 2009.
“Like in 2003, a disruptive technology is changing the landscape,” said Andy Challenger, workplace expert and chief revenue officer at the firm. “At a time when job creation is at its lowest point in years, the optics of announcing layoffs in the fourth quarter are particularly unfavorable.”
Since The Fascist Felon took office, employers have cut over one million jobs.
Major corporations have cut or are reportedly planning to cut thousands of positions this year:
UPS: 48,000 employees
Amazon: Up to 30,000 employees
Intel: 24,000 employees
Microsoft: 15,000 employees
Target: 1,800 employees