U.S. employers have laid off the highest number of workers since the pandemic weakened the global economy.

A historic decline comes as Wall Street anticipated slight growth through the month.

Small businesses are starting to crack amid a weakening economy, rising costs and fickle consumers; and they drove job losses in the US private sector in November, payroll giant ADP reported Wednesday.

Weakening job growth could lock in an interest rate cut by the Federal Reserve next week, according to economists.

California employers announced 173,022 job cuts in the first 11 months of this year, up nearly 14% from the same period last year, according to data from outplacement firm Challenger, Gray & Christmas.