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 0.90 percent increase in hiring in the month of June. This is the fifth consecutive month of hiring gains.
Thirty percent of companies included in the SBEI increased headcounts, 49 percent made no change and 21 percent decreased payroll commitments. Historically a positive month for hiring, this June’s reading hovers just above the average, with financial, construction and professional services industries leading the way. As is typical for this time of year, education saw declines in hiring; however, accommodation and food services also realized headcount decreases, which could be a concerning sign for the state of consumer spending.
Going forward, employers will be keeping an eye on the Brexit situation and altering hiring accordingly as global economies adjust to the new normal. While there are concerns of a recession on the horizon, of the world's economies, the U.S. is probably the best positioned to weather it.
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.