ADP's November employment report revealed that private sector firms cut 32,000 jobs in November overall. The decline was led by small businesses, which lost 120,000 jobs in November, while medium businesses (defined as between 50 and 499 employees) added 51,000 jobs and large establishments added 39,000 jobs to offset some of the monthly decline.
ADP chief economist Nela Richardson noted that hiring "has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment," adding that while "November's slowdown was broad-based, it was led by a pullback among small businesses."
Small businesses are facing uncertainty over the economy, which has shown signs of a cooling labor market and persistent inflation despite economic growth data remaining resilient amid the AI boom. Unlike larger firms, smaller businesses are particularly sensitive to changing economic trends and policy shifts like higher tariffs.
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