U.S. layoff announcements increased in October from a year ago, signaling that the labor market is still gradually cooling after an overheated stretch in the post-pandemic economy.
Companies announced 55,597 layoffs last month, down by 24 percent from September and up by 51 percent from the same time a year ago, according to new data from global recruitment firm Challenger, Gray, and Christmas.
The aerospace and defense industry led last month’s layoffs, totaling 18,465 cuts. This was primarily driven by Boeing’s announcement to eliminate 17,000 employees as part of the struggling company’s turnaround efforts.
“Major cuts from bellwether companies tend to have downstream effects which could mean more job losses for suppliers and customers in the near term,” Andrew Challenger, senior vice president for Challenger, Gray, and Christmas, in a statement….