U.S. Labor Data Delayed Again As Job Cuts Surge To Pandemic-Era Levels

Benzinga

The Labor Department will skip its monthly jobs report again due to the prolonged shutdown, leaving the labor outlook unclear. Private data shows job cuts soaring, with 2025 shaping up to be the worst year for layoffs since 2020. Major employers like Amazon, UPS, and Target cite cost pressures, overhiring, and AI-driven restructuring.

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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.

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