New data from ADP indicated that the U. S. economy lost 32,000 jobs in November, a figure that significantly missed economists' expectations of 40,000 jobs added and represented the largest monthly drop since March 2023. Small businesses were disproportionately affected, shedding 120,000 jobs, while larger companies with 50 or more employees added 90,000 jobs.
Economists noted that job losses were widespread across most industries, with only hospitality and healthcare still hiring, suggesting a "K-shaped" economy where larger corporations thrive while smaller businesses struggle due to factors like tariffs and reduced consumer spending. This trend of job losses, with an average of 4,000 jobs lost per month over the last three months, is the first such decline since the 2020 recession, a stark contrast to the over 200,000 jobs added per month a year prior.
The report also indicated a cooling of wage gains for employed workers. Economists argued that this data directly contradicts President Trump's claims of a thriving economy, with one stating the booming job market exists only in his "demented head."