US Companies Announce Most October Job Cuts in Over 20 Years

US companies announced the most job cuts for any October in more than two decades as artificial intelligence reshapes industries and cost-cutting accelerates, according to data from outplacement firm Challenger, Gray & Christmas Inc. Companies announced 153,074 job cuts last month, almost triple the number during the same month last year and driven by the technology and warehousing sectors. It’s the most for any October since 2003, when the advent of cellphones was similarly disruptive, said Andy Challenger, the company’s chief revenue officer. Kevin Gordon, Head of Macro Research and Strategy at the Schwab Center for Financial Research, joins Bloomberg Businessweek Daily from the Schwab IMPACT 2025 conference to discuss the data, the state of the US labor market, and more. He speaks with Carol Massar and Tim Stenovec. (Source: Bloomberg)