Layoff warnings just hit a concerning milestone. October saw 39,000 notices filed—a number we've only seen surpassed during major crisis periods.

Look at the pattern: 2008's financial meltdown, the 2009 aftermath, COVID's 2020 chaos, and now May 2025. That's the company we're keeping right now.

What's striking isn't just the raw figure. It's what happens when labor markets tighten like this. Risk assets typically feel the pressure first. Traders know that employment trends often signal broader economic shifts before official recession calls come through.

For anyone watching macro indicators, this data point deserves attention. When layoff announcements cluster at these levels, it historically precedes volatility across equities, commodities, and yes—crypto markets too. Capital flows defensive when job security becomes questioned.

We're not at 2020 peaks yet, but the trajectory matters more than the snapshot. October's spike suggests companies are bracing for something. Whether that's overcorrection or genuine economic contraction remains to be seen, but the market rarely ignores signals this loud.