US Job Cuts Drop to Multi-Year Low in September While Hiring Plans Weaken

U.S. announced layoffs fell 18% month-over-month and 20% year-over-year in September, marking the lowest September level since 2022. Sources reported total cuts between 43,281 and 44,281. Year-to-date cuts stand down 39% from last year at 573,195. Despite the drop in layoffs, technology cuts surged 77% from August to 10,799, representing 29% of all year-to-date cuts. Meanwhile, employer hiring plans dropped 23% year-over-year to 90,787, the lowest September volume since 2011, signaling subdued momentum as markets await the non-farm payrolls report.