Record Layoffs Signal Deep Trouble for U.S. Economy, Undermining Trump’s Economic Claims

Blue Press Journal – As a great political strategist once famously declared, “it’s the economy, stupid.” That blunt assessment now cuts deep into the heart of America’s economic landscape, as the latest report reveals a shocking surge in U.S. layoffs for October, reaching a two-decade high. These alarming figures paint a grim picture, casting a harsh light on the efficacy of the economic policies championed by President Donald Trump. In short, the Trump economic policies are not working.

According to a report released Thursday by global outplacement firm Challenger, Gray & Christmas, U.S.-based employers slashed more than 150,000 jobs last month, marking the biggest reduction for October in over 20 years. The staggering 153,074 job cuts represent a colossal 175% surge from a year ago, signaling a profound instability in the job market.

The deep cuts are not isolated incidents but a widespread phenomenon, attributed by Challenger to industries rapidly adopting AI-driven changes and intensifying cost-cutting measures. Tech firms led the charge in job culling within the private sector, closely followed by retailers and the broader services sector – industries often seen as barometers of consumer confidence and economic health.

The year-to-date figures are equally unsettling. From January to the end of October, employers have announced a staggering 1,099,500 job cuts, a 65% rise compared to the 664,839 cuts announced during the same period last year. Alarmingly, October not only saw individual companies announcing massive layoffs, but a significantly higher number of firms initiated job cut plans—nearly 450 companies compared to under 400 in September. These are numbers that Trump can’t spin.

Donald Trump campaigned on promises of economic prosperity and price control, yet this report provides evidence that his economic strategies are harming the American economy. The figures clearly show that his policies are ineffective and their lingering effects are detrimental to the workforce. This report serves as a rebuke, indicating that his administration is damaging the American economy.