Record layoffs in the US

According to Bloomberg, U.S. companies cut 153,074 jobs in October, the highest number for that month in over twenty years. The tech and logistics sectors were hit hardest, according to data from Challenger, Gray & Christmas.

The cause lies in the rise of artificial intelligence, higher costs, and cooling consumer and business spending.

Major names cutting jobs include Amazon, Target, and Paramount Skydance, which are eliminating thousands of positions through automation and the reduction of management layers.

Sources: iex.nl, Bloomberg, Challenger, Gray & Christmas