Yikes. ADP employment report shows -32,000 jobs lost in November. Most industries were doing layoffs. The only ones still are hiring are hospitality and healthcare. But look at employment by firm size. There's a K-shaped economy among firms, too. Larger companies are still hiring. 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. #jobs