KEY POINTS

A new report finds U.S. businesses have announced over 1.1 million layoffs so far this year.

The layoff rate for first 11 months of the year is at it highest level since 2020.

Business restructuring, AI and market conditions are the primary drivers of job reductions.

Year-to-date layoff announcements by U.S. employers are now at 1,170,821, the highest level since the COVID-19 pandemic rocked the global economy, according to a Thursday report from business consulting firm Challenger, Gray & Christmas.

Restructuring, artificial intelligence and economic/market conditions are cited among the primary drivers of the workforce reductions.

In November, businesses announced plans for 71,321 job cuts, up 24% from the 57,727 cuts announced in the same month last year. But the mont

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