Job cuts in the United States jumped 183% in October compared to the previous month, according to a Challenger, Gray & Christmas Inc. report published on Thursday. There were 153,074 cuts last month, compared to 54,064 in September. Annually, job cuts surged 175%. The tech sector was the biggest contributor at 33,281 job cuts, followed by retail at 2,431 and services at 1,990. In the year through October, employers announced 488,077 planned hires, 45% less than a year ago and the lowest number since 2011. “Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes. Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market,” Challenger, Gray & Christmas Chief Revenue Officer Andy Challenger said.