According to Bloomberg, the US economy under President Donald Trump is showing signs of a structural slowdown. Small businesses with fewer than 500 employees, which account for nearly half of all private-sector jobs, are experiencing a record rise in bankruptcies, as reported by the National Federation of Independent Business.

Trump's tariff policy has taken a toll on employment. In November alone, companies employing fewer than 50 workers cut 120,000 jobs, marking the largest monthly decline since May 2020. In 2025, job creation was 3.4 times lower than in the final year of Joe Biden’s presidency. Around 21% of consumers are reporting difficulties in finding work, the highest level since February 2021.

The agricultural sector has faced dual pressures. Tariffs and immigration restrictions have affected nearly 75% of the workforce in crop farming, leaving only just over half of farms profitable. Meanwhile, the unemployment gap between African Americans and the national average has nearly tripled, reaching 3.7 percentage points, the widest since 2020. The US dollar depreciated by 8.1% in 2025, marking its largest drop since 2017.