HMM: Small businesses cut 120,000 jobs in November, ADP says.

ADP chief economist Nela Richardson described November’s jobs data as a “slowdown” that was “broad-based.” The drop was “led by a pullback among small businesses,” she said.

Small firms with fewer than 50 employees led the contraction by far, shedding 120,000 jobs.

Smaller businesses have less money and fewer resources than larger companies to contend with higher costs from tariffs, rising utility bills and other economic pressures.

The headline number might not tell the full story, however:

"Weak" job growth but no layoffs.

It's almost like there's simply fewer people — like, say, 2 million illegals 🙌 https://t.co/lVfUBHA6we

— Peter St Onge, Ph.D. (@profstonge) December 4, 2025

How much of that broad-based slowdown was just illegals leaving the country, and small businesses — say, local contractors used to hiring illegals — not yet picking up the slack?