Layoff announcements surged in October to 153,074, marking a 183% increase from September and the highest October total since 2003, as companies adjust staffing amid the AI boom.

The technology sector led cuts with 33,281 jobs lost, while consumer products and nonprofits also saw significant increases.

Year-to-date, announced layoffs have reached 1.1 million, the highest since 2020, reflecting a combination of AI adoption, slowing consumer and corporate spending, and rising costs.

Despite this, ADP reported net private-sector job growth of 42,000 in October, and state-level jobless claims have yet to spike, CNBC has reported.

Experts warn that ongoing layoffs and hiring freezes could signal further weakness in the labor market, even as the Federal Reserve moves to ease interest rates.