List of Companies Laying Off Employees in October
White-collar sectors including financial activities and professional and business services are losing jobs.
In October, numerous companies announced layoffs across various industries, presenting a mixed outlook for the U.S. labor market. Despite the labor market's overall strength, driven by overall job additions and wage growth, white-collar sectors like financial activities and professional and business services have seen job cuts. For instance, financial companies reduced 16,000 jobs in September, while professional and business services let go of 11,000.
Experts attribute the layoffs in finance primarily to higher borrowing costs weakening lending and real estate sectors and AI enabling banks to perform tasks with fewer employees. Recession fears also contribute to the trend. Despite the layoffs in finance, the health care and service sectors added 55,000 jobs, and leisure and hospitality included 22,000, accounting for most of the net job growth in September.
This means that while the labor market remains healthy on paper, it presents challenges for workers seeking specific office-based positions, particularly in finance. The trend highlights the changing nature of white-collar jobs, with higher-paying roles in technology still prevailing.
Written by urgent.news from Newsweek's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
