According to Jin10, U.S. companies announced 43,994 layoffs last month, down 71% from a year earlier and the lowest total for October since 2023, according to Challenger, Gray & Christmas Inc. Last year's October layoff total was the highest in more than 20 years.
Employers also said they planned to hire nearly 445,000 workers last month, up 57% year over year and the highest October total since at least 2009. The increase was driven entirely by staffing needs for the peak holiday shopping season. Amazon plans to hire 300,000 workers, nearly two-thirds of total seasonal hiring plans, while UPS announced plans to hire 100,000.
The layoff and hiring plans reflect a labor market with relatively few layoffs but also limited job opportunities. The U.S. government's October jobs report, due Friday, is expected to show nonfarm payrolls increased by 65,000 and the unemployment rate remained at 4.2%.