Trump Backs Pete Hegseth on Boat Strikes Even as GOP Turns on Him

“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.”

Indeed, smaller employers seem to be taking the biggest hit, having lost 120,000 jobs. Medium firms added 51,000 jobs, whereas the largest businesses added 39,000 jobs. To the Trump administration, though, it’s all the fault of the government shutdown and Democrats, as Secretary of Commerce Howard Lutink said on CNBC Wednesday.

“No, no, it’s not tariffs,” Lutnik said, in response to a question from CNBC’s Sara Eisen. “Remember, you had the Democratic shutdown, right, and what do you think happens to small business, the people who do business with the U.S. government, they know they’re not getting paid, so they slow down their projects.