Job cuts have fallen to a four-year low, according to Challenger, Grey & Christmas data, which shows over 500,000 job cuts year-to-date in 2026. The decline, which has continued for eight consecutive months, suggests that fears of AI-driven job displacement may have been overstated. A New York Fed study cited by Apollo's Torsten Slok indicates that 34% of service firms and 22% of manufacturers using AI are retraining staff, while only 4% and 0% respectively report layoffs. However, some companies like Uber, which recently cut 3,300 jobs, cite restructuring rather than AI as the reason. The US Bureau of Labor Statistics is set to release August jobs data on Friday, September 4.
Uber Technologies IncUber cut 3,300 jobs, citing restructuring
Amazon.com Inc
Block, Inc