Photo: salon.com
October Layoffs Surge to Two-Decade High Amid AI and Economic Pressures
October saw the highest number of layoffs in over 20 years, driven by factors like Artificial intelligence adoption and economic pressures, according to Challenger, Gray & Christmas.
- In October 2023, layoffs surged to their highest level in over two decades, marking the most significant single month in the fourth quarter since 2008.
- Challenger, Gray & Christmas reported that the rise in layoffs is attributed to Artificial intelligence adoption, alongside softening consumer spending and increasing operational costs.
- Andy Challenger, chief revenue officer at CGC, noted that disruptive technology is reshaping the job market, reminiscent of the changes seen during the Space Shuttle Challenger era in 2003.
Por Qué Es Relevante
This surge in layoffs underscores the growing impact of Artificial intelligence on the workforce and highlights broader economic challenges, signaling potential instability in various sectors and prompting discussions on labour economics and outplacement solutions.