(NewsNation) — This year, U.S. companies have revealed plans to cut over 1.1 million jobs, marking the highest reduction since the year 2020, as per recent figures from Challenger, Gray & Christmas.

The outplacement firm highlighted that this number represents a 54% increase compared to the first 11 months of the previous year. Notably, it is only the sixth occasion since 1993 where the job cuts have surpassed 1.1 million by the end of November.

In November alone, employers announced 71,321 layoffs. Although this figure is more than 50% lower than October’s numbers, it remains the most significant total for November since 2022.