Job outplacement firm Challenger, Gray & Christmas says this year’s holiday hiring season is on pace to be worse than 2009-2011 during the Obama Administration.
One of the factors causing the slowdown is higher tariffs.
Analysis by Tariffs Cost US, says the higher tariffs are hurting Florida small business owners and manufacturing.
“Most businesses rely on imported materials and will face higher costs due to tariffs. This forces them to raise prices or cut jobs. Tariffs don’t just hurt foreign companies. They hurt people and businesses right here at home,” said the group.
New economic data shows growing pressure from tariffs on small businesses and manufacturers.
ADP (Automatic Data Processing) November’s employment report revealed that private sector firms cut 32,000 jobs in November overall. The decline was led by small businesses, which lost 120,000 jobs in November.
The Institute of Supply Management indicated a continued decrease in employment resulting from higher tariffs showing job losses continue in the manufacturing sector.
Other key findings by Tariffs Cost US:
· Since April, Trump has imposed across-the-board tariffs of 10%–50% on nearly all imports, with higher rates for dozens of countries and Industries. The average tariff rate now tops 16.8%, the highest since 1935.
· CNBC: Delayed tariff impact starting to hit, could cause companies to reduce headcount in 2026.
· “Larger companies are still hiring,” wrote Heather Long, chief economist at Navy Federal Credit Union, on X. “Smaller firms (under 50 workers) are doing the layoffs. It’s been a very tough year for small biz due to tariffs and more selective spending from lower and middle-class consumers.”
· Elon Musk says he warned Trump against tariffs, which U.S. manufacturers blame for a turn to more offshoring and diminishing American factory jobs.
