A new report from payroll processor ADP found that private employees lost nearly 32,000 jobs in November, far off analyst projections that they would add 10,000 jobs. The data is a sharp decline from October, where businesses overall added 47,000 jobs according to the ADP’s revised estimate.
Indeed, smaller employers seem to be taking the biggest hit, having lost 120,000 jobs. Medium firms added 51,000 jobs, whereas the largest businesses added 39,000 jobs. To the Trump administration, though, it’s all the fault of the government shutdown and Democrats, as Secretary of Commerce Howard Lutink said on CNBC Wednesday.
“Remember, as you deport people, that’s gonna suppress private job numbers of small businesses. But they’ll rebalance and they’ll regrow, so I think this is just a near-term event, and you’ll see as the numbers come through over the next couple of months, you’ll see that all pass,” Lutnick added.
— Aaron Rupar (@atrupar) December 3, 2025
But Lutnick’s only doing damage control. Domestic manufacturing, as measured by the Institute for Supply Management Manufacturing index, fell for the ninth month in a row, showing that the tariffs are hurting an area that Trump boasts they will improve. And private companies, including wholesale retailer Costco, are suing the government to get a refund of the tariffs they’ve paid.
Trump has made erroneous claims that tariffs are paid by other countries, not companies or consumers, and that they are bringing in a windfall in revenue that is diminishing the need for any other taxes. That is demonstrably false. All of this shows that tariffs are not helping, but hurting the American economy and American workers.
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