Planned job cuts plunged to the lowest level in more than a year in November.

The monthly report from staffing firm Challenger, Gray, and Christmas showed that employers announced reductions totaling 30,953 last month, 39% fewer month-over-month. It was the lowest level since September 2014.

Oil-related job cuts have been plenty this year amid low oil prices, but they fell to the fewest since June last month, at 1,355.

John Challenger, CEO of the firm, said in the release that fourth quarter tends to be the heaviest for job cuts, as employers adjust the size of their workforces to meet earnings targets.

He added, "The November decline could be the quiet before a December storm or it could signal a lower-than-expected downsizing to close out the year. If recent history is any indication, it could be the latter, as December job cuts have been lower than the annual average since the end of the recession."

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