By Sarah Foster, Bankrate.com

Andy Challenger is the person businesses call when it’s time to let workers go. And for the past year and a half, his phone hasn’t stopped ringing.

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A third-generation outplacement consultant at Challenger, Gray & Christmas — the firm his grandfather founded in the 1960s after his own layoff — Challenger has heard a variety of reasons over the past few months for trimming headcount. Companies looking to cut staff after the pandemic-era hiring boom. Executives debating how to integrate artificial intelligence. Businesses worrying about eating the cost of higher tariffs. Firms tightening their belts in a slowing economy.

As economic data continued to suggest a shockingly resilient labor market, his workload told a different story.

Anyone who

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