MADISON, Wis. – In case you missed it, new data shows small businesses are struggling under the weight of tariffs backed by Republicans in Congress including Reps. Bryan Steil and Derrick Van Orden. According to payroll processor ADP, small businesses cut 120,000 jobs in November – the largest small business job cut since the beginning of the pandemic.
“Wisconsin’s small businesses are the backbone of our economy, but the tariffs that Congressmen Bryan Steil and Derrick Van Orden voted for are making it tougher for them to succeed,” said Opportunity Wisconsin Program Director Meghan Roh. “Tariffs and growing economic uncertainty have already forced small businesses to raise prices, cut jobs, or both. Meanwhile, Congressmen Bryan Steil and Derrick Van Orden have continued to vote for massive new tax breaks for billionaires and big corporations instead of fighting for the Main Street businesses that drive Wisconsin’s economy. Our small business owners deserve better. It’s time for Steil and Van Orden to vote to end these costly tariffs.”
Last weekend Opportunity Wisconsin celebrated Small Business Saturday by visiting with business owners in Racine, Kenosha, La Crosse, and Eau Claire. Local organizers delivered gifts thanking businesses for supporting their community and being strong partners in local economic development.
NBC News: Small businesses suffered major job losses in November, ADP says
- Private employers in the United States shed 32,000 jobs in November, payroll processor ADP said Wednesday. Economists surveyed by Dow Jones had been expecting to see an increase of 40,000.
- Smaller businesses have less money and fewer resources than larger companies to contend with higher costs from tariffs, rising utility bills and other economic pressures.
- “Today’s ADP report showing a loss of 120,000 small business jobs in November highlights the lasting damage of Trump-era and Republican economic policies,” Richard Trent, the group’s executive director, told NBC News. “Trade wars, healthcare cuts, and tax breaks for big corporations have left Main Street businesses struggling to hire and grow.”
- The recent private jobs reports released from ADP also showed unsteadiness. Payrolls at private companies have contracted in four of the last six ADP reports, which are released monthly.
Axios: 1 big thing: Why Main Street’s pain matters
- The economic fortunes of mom-and-pop businesses are diverging from those of their larger counterparts — a pre-existing gap that now appears to be getting bigger, faster.
- The evidence is in the private-sector labor market, that in recent months, has been propped up by large companies as smaller firms — typically responsible for 40% of U.S. employment — shed workers.
- “Small business hiring really started to slow in April and I attribute some of this to tariffs and the higher cost of doing business that small companies are much less able to absorb,” Peter Boockvar, chief investment officer at One Point BFG Wealth Partners, wrote in a note.
- Threat level: Main Street is bearing the brunt of an economic slowdown in ways that might make it even harder for small shops to compete with larger companies.
