ByMary Whitfill Roeloffs,
Forbes Staff.
American companies have cut more than 1 million jobs so far this year, a new report showed Thursday, ranking 2025 among the worst years for job losses in decades as companies embrace artificial intelligence, consumer spending softens and hiring freezes take effect.
Private and public employers cut 153,074 jobs in October, according to a report from career services firm Challenger, Gray & Christmas, a 183% increase from the month before and a 175% spike over the same month last year.
More than 1 million jobs have been cut so far this year, up 65% from the 664,839 announced in the first 10 months of 2024 and 44% more than cuts made in all of 2024.
