The CBIZ Small Business Employment Index (SBEI), a barometer for small business hiring trends that surveys labor data from over 4,000 companies employing 300 or fewer people, reported an insignificant decrease in hiring of -0.04 percent. After two consecutive months of decreased hiring, October’s reading indicates no change and can be interpreted as holding back demand in advance of seasonal hiring.
In October, 24 percent of companies included in the SBEI this month reduced headcounts, 27 percent increased payroll commitments, and 49 percent of the small businesses in the index made no change to their employee totals. The SBEI data revealed job growth in Life Sciences, Health Care and Professional Services. Data also showed that declines occurred in Arts/Recreation, Manufacturing and Information Services. As the holiday season quickly approaches, the October reading could indicate that the U.S. economy is coming back to an environment where small businesses look to add staff to support holiday and seasonal demand for consumers.
The graphic below highlights trends and results from the SBEI. For more on the SBEI's findings, click here.
The SBEI illustration is licensed under a Creative Commons Attribution-NoDerivs 3.0 Unported License.