Economic Turbulence: Layoffs Soar, Flights Grounded

With no official jobs report last week due to the continuing government shutdown, we got one private tracker that painted a bleak picture of the labor market. In short, layoffs are surging. 

The outplacement planning firm Challenger, Gray and Christmas reported that layoffs hit 153,074 — up 175% compared to October 2024 and a 183% increase compared to September. That makes it the worst October for layoffs since 2003 — when the U.S. was still grappling with the aftermath of the dot-com bubble burst and the lingering slowdown following the 9/11 attacks. 

“This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008. Like in 2003, a disruptive technology is changing the landscape,” said Andy Challenger, the company’s chief revenue officer. This time, the technology disrupting the workplace is AI. 

Technology was one of the hardest hit sectors with 33,000 cuts in October, compared to 5,639 in September. The biggest layoffs in October were at tech companies like Amazon, which recently announced a 14,000 reduction in staff across multiple divisions. Layoffs.fyi, which tracks layoffs in the tech industry, has reported more than 200 companies reduced staff in 2025. 

The Challenger, Gray and Christmas report said that, as of the end of October, companies have laid off 1,099,500 workers — a 44% increase from the total cuts in all of 2024. And the year isn’t over yet. 

Companies are also slowing down hiring, and it’s at its lowest level since 2011. And seasonal hiring was no exception — it’s at its lowest level since the firm began tracking in 2012. Typically, this time of year is a boon for seasonal hiring, with an increase in demand from holiday shoppers.

The combination of slowed hiring and layoffs reflects that the labor market may be weakening to a greater degree than even the Fed thinks.   

If you’re nervous about layoffs, job burnout and other work-related challenges, NerdWallet personal finance writer Lauren Schwann has you covered. She asked career coaches for tips on how to survive uncertainty in the workplace. Read more. 

From personal finance writer Kate Ashford.

People taking GLP-1 meds could see costs drop in 2026, thanks to a new federal deal with Eli Lilly and Novo Nordisk, the makers of Ozempic, Wegovy, Mounjaro and Zepbound. 

If you’re paying cash for a GLP-1, prices will fall to $350 per month or lower, according to a White House press release, with reports that it could trend down to $245 within two years. The pill version of Wegovy — pending approval from the Food and Drug Administration — could cost about $150 per month. 

That’s a shift from today’s prices, where most GLP-1 drugs list for more than $1,000. Even warehouse stores like Sam’s Club and Costco sell Ozempic and Wegovy for $499 out of pocket. 

Enrolled in Medicare? Weight-loss drugs will be priced at $245 with a $50 monthly copay, according to the announcement. But the bigger news is that you might get coverage at all — to date, Medicare has covered GLP-1 drugs for people with diabetes or cardiovascular health risks, but legally it can’t cover them for weight loss. 

Although the government can’t change Medicare policy overnight, they can implement temporary pilot programs that test changes in a Medicare law, says Juliette Cubanski, deputy director of the Program on Medicare Policy for KFF. “Absent a change in law, they don’t have the authority to expand this coverage unless they’re using this type of demonstration authority.” 

This lower-cost GLP-1 bonanza will roll out next year through TrumpRx.gov, a new government website where consumers will be able to buy medications directly from manufacturers. It’s still unclear how (or if) this deal will affect what people pay through their insurance. 

“It will depend on what type of insurance a person has,” says Stacie Dusetzina, a professor of health policy at Vanderbilt University Medical Center. For example, she says, Eli Lilly reported that these lower prices won’t be available in the commercial market. “That may mean that commercial plans will take steps to limit coverage or to consider ways to encourage their members to purchase the drugs outside of insurance,” Dusetzina says.

About 1 in 9 Americans reported using a GLP-1 agonist in 2025, according to data from research organization Rand, and another 14% are interested in taking it. Although these drugs were originally used to treat diabetes and later for weight loss, research has suggested that they also have positive effects on inflammation, addiction, migraines, sleep apnea and dementia, among other conditions.

Air traffic in 40 “high traffic” markets have been reduced by 10% due to the government shutdown. Travel writer Benjamin Din counts off the airports that are affected and explores how airlines are responding. One thing travelers should keep in mind: If your flight is canceled by the airline for any reason, you are entitled to a full refund.

Here’s what else you may have missed this week from NerdWallet: