Bank of America reports small business hiring down 6.7% year-over-year amid tariff surge
1. Small business hiring declined 6.7% year-over-year, signaling economic slowdown. 2. Tariff payments surged 170%, adding financial pressure on small businesses. 3. Hiring remains strong in construction and manufacturing sectors despite overall declines. 4. Profitability growth for small businesses is positive but decelerating significantly. 5. Consumer spending growth is uncertain amidst tariff-related price hikes.