00:00It's Benzinga, bringing Wall Street to Main Street.
00:03The U.S. Labor Department will skip its monthly employment report for the second straight month
00:07due to the record-long government shutdown, obscuring a clear view of the job market.
00:11Private data from Challenger, Gray & Christmas paints a grim picture, according to the street.
00:17U.S. employers announced 153,074 job cuts in October,
00:22nearly triple last year's total, and up 183% from September.
00:27Employers have cut 44% more jobs through October than in all of 2024,
00:32making 2025 the worst year for layoffs since 2020.
00:36Major employers, including Amazon, UPS, and Target have announced mass layoffs,
00:40citing cost pressures, over-hiring corrections, and AI adoption.
00:45The firm warned that laid-off workers are finding it harder to secure new roles,
00:49deepening weakness in the labor market.
00:50For all things money, visit Benzinga.com.
Comments