Outplacement firm Challenger, Gray & Christmas said this year’s holiday hiring season is proceeding at a worse pace than during the Obama administration from 2009 to 2011.
One of the factors contributing to the economic slowdown is the increase in tariffs.
An analysis by Tariffs Cost US shows that the increased tariffs are hurting Florida’s small business owners and manufacturing industries.
“Most businesses rely on imported raw materials and will face higher costs from tariffs, forcing them to raise prices or cut jobs. Tariffs don’t just hurt foreign businesses; they hurt people and businesses right here at home,” the group said.
New economic indicators show increasing tariff pressure on small businesses and manufacturers.
ADP (Automatic Data Processing)’s November jobs report revealed that private companies cut 32,000 jobs across November. Small businesses led the decline, with 120,000 jobs lost in November.
The U.S. Institute for Supply Management indicated continued job losses in manufacturing, suggesting a continued decline in employment due to tariff hikes.
Other important findings from US Customs Costs:
· Since April, President Trump has imposed flat tariffs of 10% to 50% on almost all imports, and even higher rates on dozens of countries and industries. The average tariff rate is now over 16.8%, the highest since 1935.
· CNBC: The impact of tariffs is starting to take effect, with companies likely to cut headcount in 2026.
・Heather Long, chief economist at Navy Federal Credit Union, wrote about X: “Big companies are still hiring.” “Small businesses (less than 50 employees) are cutting jobs. It’s been a very tough year for small businesses due to tariffs and more selective spending by lower- and middle-class consumers.”
· Elon Musk said he warned President Trump that tariffs were to blame for more U.S. manufacturing moving overseas and fewer jobs in U.S. factories.
