Small business employment has collapsed, hitting a three-year low.

ADP data shows: In November, U.S. small businesses cut 120,000 jobs,

marking the largest decline since the 2020 pandemic.

Details:

Companies with 1-19 employees laid off 46,000 workers

Companies with 20-49 employees laid off 74,000 workers

In the past 7 months, there have been net losses in 6 months, with a cumulative reduction of 264,000 jobs.

The three-month average has dropped to -59,333,
the worst record since the pandemic.

The rate hike cycle is draining the vitality of small businesses.

Employment lags behind credit,

credit lags behind policy.

More rate cuts are on the way.