For small businesses hit by soaring costs, layoffs are painful and personal

Key Highlights

• 120,000 jobs were shed by small businesses in November.
• The job cuts occurred just before the critical holiday shopping season.
• High inflation and tariffs are pressuring small businesses.
• ADP chief economist Nela Richardson noted that the labor market is weakening.
• Companies with fewer than 50 employees are most affected by the job losses.