Yahoo Financeยท2025-11-09 18:47Economic Overview - The U.S. Labor Department will not publish its economic report for the second consecutive month due to the ongoing government shutdown, which is now the longest on record [1] - The lack of official employment data makes it difficult to assess the jobs market, and anecdotal evidence does not inspire confidence [1] Layoff Announcements - Major employers such as Amazon, UPS, and Target have announced plans to lay off tens of thousands of workers in the coming weeks [2] - Target plans to eliminate 1,800 corporate jobs, marking its second-largest corporate downsizing [6] - Amazon is set to lay off 14,000 corporate employees across multiple departments to reduce bureaucracy [6] - UPS has cut about 48,000 jobs this year, including 34,000 positions through its efficiency program [6] Job Market Metrics - U.S. companies announced the fewest number of new jobs since 2011, with 153,074 job cuts in October, nearly triple the 55,597 cuts from the same month last year [4] - Job losses in October are up 183% from September, indicating a significant downturn in the job market [4] Year-to-Date Job Cuts - Through October, employers have announced 1.1 million job cuts, a 65% year-over-year increase from 665,000 cuts through October last year [10] - Job cuts in 2025 are on track to be the worst since 2020, with 44% more jobs cut through October than in all of 2024 [10] Contributing Factors - Reasons for the job cuts include correcting headcount after overhiring during the COVID-19 pandemic, softening consumer and corporate spending, and rising costs due to hiring freezes [7] - The adoption of AI is also mentioned as a factor influencing job market dynamics [8] Impact on Job Seekers - The current wave of layoffs is creating a snowball effect, making it harder for those laid off to secure new roles, which could further loosen the labor market [9]