Only 65 percent of companies are holding a holiday celebration this year — the lowest percentage since 2009, the study shows.

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Business is going strong, but fewer U.S. companies are celebrating with holiday parties this year.

This may be the result of the #MeToo movement, which has highlighted sexual harassment and assault in the workplace, according to a survey released Tuesday by consulting firm Challenger, Gray & Christmas. Only 65 percent of companies are holding a holiday celebration this year — the lowest percentage since 2009, the study shows.

“The number could be due to several factors, including potential liability following the #MeToo movement,” said Andrew Challenger, vice president of the firm. “HR departments nationwide are responding to this particular issue.”

Economic conditions aren’t part of the equation, according to Challenger. “Companies are sitting on tax savings and generally report a thriving economy,” he said.

Another reason for the drop in holiday events, the study shows, is a rise in employees that work remotely, which can make the logistics of a gathering more difficult.

Challenger, Gray & Christmas surveyed 150 human resources representatives across the U.S. in October.