"Challenger, Gray & Christmas that highlighted the fact that announced corporate layoffs in October jumped by more than 150,000, a 175% increase from the same month last year. It was the highest October increase since 2003. This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008. Like in 2003, a disruptive technology is changing the landscape, the report said, pointing to AI as a major factor in the layoffs."
"I'm willing to believe that we've hit bottom and we're on our way back up, co-host Kernen argued. For what? Jobs? Liesman asked. Yeah, Kernen said. So that means you don't cut? Liesman asked, referring to the Federal Reserve cutting rates. I think AI allows you to cut because of productivity gains, Kernen said, arguing he wants to see rates continue to be cut."
"We've got a lot of mixed data the ADP was up a little bit, 42, the ISM headline was better and you saw this, the bond market sold off a little, Liesman said on Thursday. You have a dual mandate. What do you pay attention to in this world because it's such a blunt instrument? Squawk Box co-host Andrew Ross Sorkin asked. The answer is yes, Liesman said, getting a chuckle out of his colleague."
Challenger, Gray & Christmas data show announced corporate layoffs in October rose by more than 150,000, a 175% year-over-year increase, representing the largest October increase since 2003 and the highest October total in over 20 years. The October total was also the largest single-month tally in the fourth quarter since 2008. AI is identified as a disruptive technology contributing to the layoffs. Economic indicators were mixed: ADP employment edged up slightly, the ISM headline improved, and the bond market sold off. Some commentators expressed belief that jobs may have bottomed and argued AI-driven productivity could support additional Federal Reserve rate cuts. The Fed recently lowered its benchmark rate to 3.75%–4%.
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