Jobs Data Triggers Stock Plunge as Layoffs Surge Amidst Bitcoin Stagnation

The latest employment report surprised investors and policymakers alike. US companies announced a staggering 153,074 layoffs in October – a shocking 183% increase from the previous month and the worst for that month since 2003. This marked the highest fourth-quarter total for job cuts since 2008. Technology firms were particularly hard hit, shedding more than 33,000 jobs as they race to adapt to artificial intelligence and rising costs. These layoffs reflect a significant shift in the labor market, signaling an impending structural change. Many businesses are trimming payrolls to counter slowing revenues and increased automation-driven efficiency gains.