US Job Cuts Fell 71% Year-on-Year in October as Hiring Plans Hit 17-Year High

US employers announced 43,994 layoffs in October 2026, up just 2% from September's 43,281 but down 71.3% from the same month a year earlier, according to Challenger, Gray and Christmas data released November 5. The year-on-year decline accelerated sharply from the prior reading of -19.9%, signaling a significant cooling in workforce reductions compared with late 2025.

Year-to-date layoffs through October stand at 617,189, down 44% from the same period in 2025. The food, technology, and services sectors accounted for the largest share of October cuts, with firms citing market and economic conditions, business closings, and artificial intelligence as the leading drivers.

On the hiring side, companies announced plans to bring on 444,692 workers in October, a 57% jump from October 2025 and the highest October hiring figure recorded since at least 2009, suggesting employers are adding headcount even as a subset of firms continues to restructure.