U.S.-based companies announced more than 153,000 job cuts in October, the research firm Challenger, Gray & Christmas reported Thursday.

“This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008," the firm said in a news release .

From January through the end of October, employers have announced the elimination of nearly 1.1 million jobs. It's the most Challenger has recorded since 2020, when the Covid-19 pandemic shut down the global economy.

“October’s pace of job cutting was much higher than average for the month," Andy Challenger, the firm's chief revenue officer, said in a statement. The last time there was a higher October monthly total was in 2003.

“Some industries are correcting after the hiring boom of t

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