People are talking about America’s “K-shaped economy,” so named because charts show different sectors’ fortunes diverging like the two arms of that letter. Recently, for example, data services firm ADP reported 32,000 lost U.S. jobs in November — a sharp reversal from October’s 47,000 gain, but not unexpected. But within that data, smaller firms employing from 1 to 49 workers laid off 120,000 ...
