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US Job Market Faces Turbulence Amid Surge in Layoffs
Layoffs Reach 22-Year High in October
The US job market experienced a significant upheaval last month, with layoffs soaring by an astonishing 183%, marking the worst October for layoffs in over two decades. According to data from Challenger Gray & Christmas, a prominent outplacement firm, approximately 153,000 jobs were cut in October. This figure is nearly three times the number from September and pushes the yearly layoffs total to about 1.1 million — a 65% increase compared to the previous year, and the worst since 2008, during the financial crisis.