Good Thursday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Cantini and David Faber.

We are live, as always, from post nine of the New York Stock Exchange. Coming up this hour,

new data showing job cuts for October hitting the highest level in 22 years as the government shutdown hits a record.

We'll talk to National Economic Council Director Kevin Hassett about whether he's worried about potential cracks forming here in the economy.

Plus, Charles Schwab, just inking a deal to buy private shares marketplace Forge Global.

We will hear from Schwab CEO on this show about the deal.

And will Elon Musk's trillion-dollar pay package get approved by shareholders?

We'll preview what to expect as the company's annual meeting gets underway.

But first, guys, let's talk about the jobs data.

Since we're not getting the official data from the government, we are looking to all these private sources

and Challenger Grand Christmas, which is an employment firm, put out, they always do these layoff numbers.

This one was a doozy.

So the most job cuts for any October in more

than two decades, going back to 2003. Companies announced 153,000 about job cuts last month,

which was almost triple the number during the same month last year. And the question is,

why? Well, if you go to the quote from Challenger and the release, I mean, they do mention

disruptive technology and AI changing the landscape. They actually compare it to 2003 when

the cell phone was invented. But, you know, there are all sorts of reasons we have heard

from companies lately about job cuts. And if you look at Target or UPS or Amazon, I mean, all of these

companies have announced job cuts recently, Paramount Skydance announcing recent job cuts as well,

Starbucks, Delta Airlines, CarMax, Rivium automotive. Yeah, some of them talk about, you know,

technology. Amazon spoke about that,

...