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Don’t Blame the Robots, Blame the CFO

Demian Schatt

Nov 14

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Dear Readers,

Today I want to take a clear look at the recent wave of layoffs and the growing claim that AI is behind them. I also have some charts to help illustrate current trends in labor.

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The AI Layoff Story

Last week amid the government shutdown, Challenger, Gray and Christmas, a Chicago-based outplacement firm that has tracked corporate layoff announcements across the United States for sixty years, reported more than 153,000 job cuts in October, the most for any October since 2003.

Challenger was quick to note that AI is part of the conversation this year, and several companies have leaned into that narrative. Klarna credited AI for shrinking its workforce, Salesforce said AI can do half the work at the company, and Duolingo dropped contract work that AI can handle. The idea that AI is suddenly replacing white-collar workers is now everywhere.

But the data tells a different story. Economists interviewed by CNBC said there is very little evidence that AI is responsible for layoffs at any meaningful scale. Bloomberg pointed to weakening consumer spending, rising costs, and tariff pressure. Even Challenger’s own analysis connected the cuts to macroeconomic stress, not automation. AI is the explanation companies are offering, not the underlying cause.

What’s Actually Driving the Layoffs?...

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