Job cuts hit 22-year October high as retail layoffs from Amazon to Target mount ahead of holidays
U.S. firms announced the most job cuts for any October in more than 20 years, fueled in part by mass layoffs at major retail companies.
Retail has been one of the hardest hit industries this year, behind only warehousing and non-profits. So far in 2025, the sector has announced 88,664 job cuts, a 145% increase from the 36,136 recorded through October last year.
“Over the last decade, companies have shied away from announcing layoffs in the fourth quarter, so it’s surprising to see so many in October,” Challenger said in the report. “With the onset of social media, and the ability for workers to share their negative experiences with their employers, the trend of announcing layoffs before the holidays — a practice that seemed particularly cruel — fell away.”
Retailers are also pulling back on holiday hiring. Companies are expected to add fewer than 500,000 seasonal positions this year — the lowest since 2009, according to Challenger, Gray & Christmas. Several retailers, including Kohl’s and Target, have declined to disclose their 2025 seasonal hiring plans, a departure from previous years.
Some companies plan to keep the seasonal hiring levels unchanged from 2024. Amazon said it plans to hire 250,000 workers for the peak holiday season, while Bath & Body Works announced plans to hire 32,000 workers, the same as last year for both companies.