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

“Large companies are still hiring,” wrote Heather Long, chief economist at Navy Federal Credit Union, on. “Small businesses (fewer than 50 employees) are laying off workers. This has been a very difficult year for small businesses due to tariffs and more selective spending by lower and middle class consumers.”

Indeed, small employers appear to be the hardest hit, having lost 120,000 jobs. Medium-sized businesses created 51,000 jobs, while larger businesses created 39,000 jobs. For the Trump administration, however, it’s all the fault of the government shutdown and the Democrats, as Commerce Secretary Howard Lutink said on CNBC on Wednesday.

“No, no, these are 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 businesses, people who do business with the United States government, they know they’re not getting paid, so they’re slowing down their projects.