Layoff announcements hit the highest level since the pandemic

Layoff announcements so far this year hit the highest level since 2020, the consulting firm Challenger, Gray & Christmas said.

Layoff announcements this year have hit their highest level since 2020, when the Covid-19 pandemic shut down the U.S. economy, consulting firm Challenger, Gray & Christmas said Thursday.

It’s only the sixth time since 1993 that announced job cuts through the month of November have surpassed 1.1 million. The last time was in 2020, when planned cuts totaled 2.3 million by this point in the year.

U.S.-based employers announced 71,321 job cuts in November, Challenger reports. This is fewer than the overall number of layoffs announced in October, but more than in the same month a year ago.

It’s the highest total for the month of November since 2022. Hiring often fluctuates with the season, so economists and analysts typically pay close attention to data from the same month in previous years, and not just month-to-month changes.

Announced job cuts during November “have risen above 70,000 only twice since 2008: in 2022 and 2008,” Challenger’s chief revenue officer, Andy Challenger, said in a statement.