Goldman Sachs Says US Jobs Saw Biggest Drop in October Since 2020

Published 19 hours ago

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Above: The Best Hire Chicago Career Fair in Chicago, Illinois, on Aug. 7, 2025. Image copyright: Jim Vondruska/Bloomberg/Getty Images

The Spin

Pro-Trump narrative

Trump's America First trade agenda is delivering unprecedented wins after Biden's disastrous policies left farmers with a $50 billion trade deficit. Major breakthroughs with Australia, the U.K., Indonesia, and China prove aggressive trade tactics work. All this builds up an optimistic future for the American jobs scene.

Ways and Means

Scott Bessent on X

Anti-Trump narrative

Massive layoffs are accelerating to recession levels with more than 1.1 million job cuts announced this year, matching 2008-2009 crisis numbers. Major companies like Amazon and UPS are slashing tens of thousands of positions while the labor market stands on the edge of a cliff. Goldman Sachs' data is only putting more figures to the crisis.

The New York Times

Mike Nellis on X