FX.co ★ US Job Cuts Hit a Three-Year Low for October

US-based employers announced 43,994 job cuts in October 2026, a 2% increase from the 43,281 cuts recorded in September. Despite the monthly uptick, October’s total was down 71% from a year earlier and marked the lowest October figure since 2023. It was also the eighth month this year in which layoffs were lower than in the same month of the prior year.

Food companies reported the highest number of cuts in October, with 9,677 announced layoffs, followed by the technology sector with 5,576, and services with 5,458.

From January through October, employers announced 617,189 job cuts, a 44% decline year-on-year. This is the lowest year-to-date total for that period since 2022, when 243,338 cuts had been announced. The technology sector remains the hardest hit overall, leading all industries with 171,501 job cuts so far this year, up 21% from the same period last year.

“This is a low-fire environment. Employers are holding on to the workers they have heading into the holidays, and the hiring they are announcing is largely short-term, seasonal work. Companies want the flexibility to meet holiday demand without adding permanent headcount,” said Andy Challenger of Challenger, Gray & Christmas.