BlockBeats news: On November 5, it was reported that the number of layoffs announced by U.S. companies in October dropped to the lowest level for the same period since 2023, while hiring plans increased as businesses began preparing for the holiday shopping season. Data from job placement firm Challenger, Gray & Christmas Inc. showed that U.S. companies announced 43,994 layoffs last month, a 71% decline compared to the same period last year.
Last year at this time, U.S. companies announced the highest number of October layoffs in over 20 years. According to Challenger data, U.S. employers also indicated plans to hire nearly 445,000 people last month, a 57% year-over-year increase—the highest October hiring level since at least 2009. The growth in hiring plans was entirely driven by staffing needs for the holiday shopping season. Amazon plans to hire 300,000 workers, accounting for nearly two-thirds of all seasonal hiring; UPS also announced plans to hire 100,000 workers.
Data on layoffs and hiring plans reflect the current characteristics of the U.S. labor market: fewer layoffs, but also relatively limited job opportunities. Markets expect the U.S. government’s October employment report, to be released on Friday, to show an increase of 65,000 non-farm payroll jobs, with the unemployment rate holding steady at 4.2%. (Jin10)