While America’s largest corporations are riding a wave of surging profits and AI-fueled stock market enthusiasm to record highs, small businesses across the country are cutting staff and scaling back operations as years of high inflation, cautious consumers and tariff confusion take their toll.
Private firms with fewer than 50 workers have steadily shed jobs over the past six months, according to payroll processor ADP, cutting 120,000 positions in November alone. Midsize and…

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