Layoff announcements so far this year have hit the highest level seen since 2020, when the Covid-19 pandemic shut down the U.S. economy, consulting firm Challenger, Gray & Christmas said on Thursday.

It's only the sixth year since 1993 that announced job cuts through the month of November have surpassed 1.1 million. The last time was in 2020, when planned cuts totaled 2.3 million by this point in the year.

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U.S.-based employers announced 71,321 job cuts in November, Challenger reports. This is fewer than the overall number of layoffs announced in October, but more than the same month a year ago.

It's the highest total for the month of November since 2022. Hiring often fluctuates by the season, so economists and

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