NOVEMBER 2024 INDUSTRY NEWS AND TRENDS
How will a Trump presidency impact small businesses?
As Trump prepares to take office a second time in January 2025, speculation is running high about the benefits and risks for small businesses. This Forbes article unpacks some of the implications of the policies promoted during Trump’s presidential campaign.
Potential benefits include tax cuts, a simplified tax code, and deregulation. Other policies, such as across-the-board tariffs on foreign imports, are likely to boost some U.S. industries, such as manufacturing, while impacting others negatively by disrupting the supply chain.
2025 could bring a sunnier outlook than previously thought
CFO Dive rounded up predictions from top economists and found that they are increasingly optimistic about the U.S. economy, predicting 2.1% growth in 2025, a percentage that exceeds earlier predictions. Recent GDP growth and strong consumer spending support this positive outlook. While the Federal Reserve has lowered interest rates, the Chair emphasizes a cautious approach, indicating that further rate cuts are not guaranteed. Overall, the economic outlook is positive, but remains subject to ongoing assessment.
A “shockingly low” jobs report could indicate a rocky economy
Andrew Crapuchettes, CEO of the Redballoon job board, said that the most recent jobs report was a “red flag” for businesses and would have ripple effects throughout the economy. The Labor Department’s October jobs report found that only 12,000 positions were added to the economy, a figure that is well below the 113,000 expected by economists.
While this number may reflect election uncertainty that had many employers pressing pause until the results were in, Crapuchetes said it signalled a significant lack of confidence in the business economy and a need for deregulation.
