Andy Challenger says “Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market.”

Job cuts for October totaled 153,074, a 183% surge from September.

U.S.-based employers cut more than 150,000 jobs in October, marking the biggest reduction for the month in more than 20 years.

U.S. companies cut 153,074 jobs last month, the highest number of layoffs in the month of October since 2003, Challenger, Gray & Christmas said.

Andy Challenger says “Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market.”