Employers have cut 1.1 million jobs this year. Here's what's behind the wave of layoffs.
Business
Employers have cut more than 1.1 million jobs through November of this year, the most since 2020, when companies laid off 2.2 million workers during the pandemic, according to a new report from outplacement firm Challenger, Gray & Christmas. The layoffs represent a 54% increase from the same period a year earlier, when employers cut 761,358 jobs, according to the firm. It's also only the sixth time since 1993 that job cuts during the first 11 months of the year have risen above 1.1 million.
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