U.S. Job Cuts Surpass 2003 Levels in October
Job cuts rose 183% from September, with 450 companies disclosing plans.
Cost-cutting and AI were top reasons, with overcapacity and tech efficiencies causing staffing changes.
Technology sector reported 33,281 cuts, accounting for over half of October's losses.
Challenger warned of potential labor market issues due to high layoff numbers.
Year-to-date layoffs total 1.1 million, up 65% this year.
Fourth-quarter layoffs have poor optics, as job creation is at its lowest in years.
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