A new report released on Thursday revealed a massive surge in job cuts last month and an overall increase in layoffs for this year—hitting levels not seen since the Great Recession.
The report from Challenger, Gray & Christmas, an outplacement firm, showed 153,074 job cuts announced in October, an increase of 183% from cuts announced in September and up 175% from the same month in 2024.
“This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008,” Challenger said in a release. That year was a pivotal moment in the Great Recession, in which thousands of jobs were lost around the world and the global economy faced a period of contraction.
Overall, about 1.1 million layoffs have been announced for this year, particularly since President Donald Trump took office in January. Companies have been regularly announcing their decisions to pull back, with some pointing the finger at the increased use of artificial intelligence as well as the economic weight of Trump’s needless tariffs.
President Donald Trump proudly announces new tariffs in April. The tariffs would go on to create global economic chaos.
The tariffs have increased the costs of goods for companies, and many of those increases are being passed on to consumers. LendingTree, a debt consolidation company, has estimated that holiday shoppers will shoulder the burden of an additional $28.6 billion in costs for their gifts, for instance.
Also hurting the economy is the shutdown of the federal government engineered by congressional Republicans. The party has refused to fund enhanced health care subsidies, triggering the shutdown—which means government workers will not have money to spend in the economy and businesses that rely on federal contracts won’t receive payments.
Before Trump took office, the economy was growing under former President Joe Biden. Biden inherited an economic disaster from Trump. During Trump’s first term, the COVID-19 pandemic decimated the economy, leading Biden and congressional Democrats to pass economic stimulus and infrastructure legislation.
After retaking office this year, Trump proceeded with his tariff policies despite warnings from economists across the political spectrum. Even as layoffs have accelerated, Trump has continued to falsely claim that consumers are benefitting from the tariffs.
Voters sent a resounding message in Tuesday’s elections that they are dissatisfied with conditions under Republican leadership, and they elected Democrats up and down the ballot in multiple states.
Trump’s promises of economic renewal have not materialized. Instead, voters appear poised to punish the GOP in the 2026 midterm elections for squandering the good fortune they inherited.
