A new report released Wednesday shows that small businesses experienced a six-figure drop in employment in the month of November as millions of Americans struggle with a worsening economy under President Donald Trump.

Payroll processor ADP’s survey of private employers found that companies with fewer than 50 employees lost a total of 120,000 jobs in November.

Overall, private-sector companies shed 32,000 jobs in November, making for the largest one-month drop since May 2020, early in the COVID-19 pandemic. Larger businesses gained jobs, offsetting some of the small-business slump. However, a survey of economists conducted by Dow Jones had expected a gain of 40,000 jobs in November.

During a conference call with reporters, ADP chief economist Nela Richardson said the employment data show

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