Summary
Small businesses in the U.S. are facing economic challenges, despite growth in other areas like artificial intelligence. Recent reports show that job losses in small companies are increasing while bigger companies continue to grow, highlighting a divide in economic outcomes. This situation poses a challenge to President Trump's economic plans, which focus on revitalizing small businesses.
Key Facts
- Small businesses in the U.S. lost 120,000 jobs in November.
- The private sector overall lost 32,000 jobs last month, with small companies accounting for nearly all the losses.
- More small businesses are filing for bankruptcy under a special federal program than ever before.
- Subchapter V bankruptcy filings for small businesses are up 8% from last year.
- Larger companies are better able to handle economic challenges, such as tariffs and high interest rates.
- President Trump's administration does not believe tariffs are the cause of job cuts in small businesses.
- The hiring gap between small and large businesses is increasing, impacting overall job growth.
