Layoffs surge to new high under Trump

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00:00Layoffs surged to new high under Trump.

00:03Layoffs in the U.S. hit their highest level in more than 20 years,

00:07with employers cutting more than 150,000 jobs amid AI initiatives and cost-saving measures.

00:14According to the global outplacement firm Challenger, Gray & Christmas,

00:19tech companies topped the list for private sector layoffs,

00:22with retailers and services also reporting significant reductions.

00:25The latest cutbacks, under President Donald Trump's administration,

00:29were driven by cost-cutting measures and AI adoption,

00:32with Doge Impact leading job cuts in 2025.

00:36Job cuts jumped 175% compared to last year, totaling 153,074.

00:43From the start of the year through October, companies reported 1,099,500 layoffs,

00:49up 65% from 664,839 a year earlier.

00:55Job cuts this year are at their highest since 2020,

00:58which recorded 2,304,755 layoffs through October.

01:04Some industries are correcting after the hiring boom of the pandemic,

01:07but this comes as AI adoption, softening consumer and corporate spending,

01:12and rising costs drive belt-tightening and hiring freezes, said Andy Challenger.

01:16Chief Revenue Officer for Challenger, Gray & Christmas.

01:18Layoffs not only grew bigger at individual companies, Challenger said,

01:22but the total number of firms' planning cuts also rose,

01:25with nearly 450 tracked in October, versus less than 400 in September.

01:31As the U.S. government wraps up its longest shutdown in history,

01:35private economic data will remain under close watch by investors.