Economic fortunes of low- and high-income Americans are diverging—same pattern happening with companies
By Harriet Torry and Justin Lahart of The WSJ. Excerpts:
"Over the past six months, private firms with fewer than 50 workers have steadily shed jobs, according to payroll processor ADP, cutting 120,000 in November alone. Midsize and, especially, large firms have continued to add jobs."
"Net income for the large, publicly traded companies in the S&P 500 was up 12.9% from a year earlier in the third quarter"
"Small businesses—those with up to 500 workers—employ nearly half the American workforce and represent more than 40% of gross domestic product"
"an analysis of small-business bank accounts . . . found that earnings are slightly lower than they were a year ago."
"Small retailers . . . are struggling in particular with tariff uncertainty and continued cost pressures [which sounds like inflation is playing a role], said Andrew Chamberlain, chief economist at Gusto, a small-business payroll and benefits provider."
"small businesses cut workers in both October and November"
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