According to recent data from Challenger, Gray & Christmas, U.S. employers have slashed over 1.1 million jobs this year, marking the highest number of cuts since 2020.

The outplacement firm reported a 54% increase in job cuts compared to the first 11 months of last year. This year is among only six instances since 1993 where job reductions exceeded 1.1 million by November’s close.

In November alone, companies announced 71,321 job cuts. While this figure represents a more than 50% decrease from October’s numbers, it remains the highest for any November since 2022.