October marks worst layoffs in 22 years; household debt reaches high
CBS America · Just In
CBS America
Just In
Layoffs across the U.S. soared last month, marking the worst October cuts in 22 years, according to the firm Challenger, Gray and Christmas.
Breakdown
- U.S. layoffs in October reached over 153,000, the highest for the month since 2003 and a 183% increase from September. 8s
- The layoff data comes from a recruitment firm due to a government shutdown delaying official Bureau of Labor Statistics reports. 42s
- Companies are scaling back after pandemic overhiring and using artificial intelligence to improve efficiency. 1m 17s
- U.S. household debt has reached a record $18.5 trillion, with increased reliance on credit cards raising concerns about future payment ability. 1m 28s
- Elon Musk was approved for a $1 trillion pay package, the largest ever, contingent on meeting major company growth milestones. 2m 18s