[US October Layoffs Drop 71% Year-on-Year, Lowest Level Since 2023] According to BlockBeats, on November 5th, the number of layoffs announced by US companies in October fell to the lowest level since 2023, while hiring plans increased as companies began preparing for the holiday shopping season. Data from employment placement company Challenger, Gray & Christmas Inc. shows that US companies announced 43,994 layoffs last month, a 71% decrease compared to the same period last year. Last year, the number of layoffs announced by US companies in October was the highest in more than 20 years. Challenger data shows that US employers also indicated plans to hire nearly 445,000 people last month, a 57% year-on-year increase, the highest level for October since at least 2009. The increase in hiring plans is entirely driven by staffing needs for the holiday shopping season. Amazon plans to hire 300,000 people, nearly two-thirds of its total seasonal hiring plan; UPS also announced plans to hire 100,000 people. Layoff and hiring data reflect the current characteristics of the US labor market: fewer layoffs, but relatively limited job opportunities. The market expects the US government's October jobs report, to be released on Friday, to show non-farm payrolls increased by 65,000, with the unemployment rate remaining at 4.2%. (Golden Ten)