A new report released on Thursday revealed a massive surge in job cuts last month and an overall increase in layoffs for this year—hitting levels not seen since the Great Recession.

The report from Challenger, Gray & Christmas, an outplacement firm, showed 153,074 job cuts announced in October, an increase of 183% from cuts announced in September and up 175% from the same month in 2024.

“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,” Challenger said in a release. That year was a pivotal moment in the Great Recession, in which thousands of jobs were lost around the world and the global economy faced a period of contraction.

Overall, about 1.1 million layoffs have been announced for this year, particularl

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