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, revealed a positive reading for the fourth consecutive month, reporting 0.20 percent growth in May.
25.2 percent of companies included in the SBEI increased payroll commitments, 24.5 percent decreased their workforce and 50.3 percent of the small businesses in the SBEI made no change to their employee totals. Although the month of May has always shown growth in small business hiring, this year’s reading falls below the monthly average.
The SBEI data revealed that Utilities, Transportation, Professional Services, Construction and Retail all registered gains this month. The largest losses came from Financial Services, Insurance and Health Care industries. Though the Department of Labor’s overtime rule will not take effect until this December, we might begin to see its impacts as early as this summer, as employers begin to prepare for changes.
The graphic below highlights trends and results from the SBEI. For more on this month's SBEI findings, click here.
The SBEI illustration is licensed under a Creative Commons Attribution-NoDerivs 3.0 Unported License.