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 a neutral reading for hiring, registering a 0.17 percent month-over-month decline.
In November, 24.4 percent of companies in the SBEI increased hiring, 51 percent made no changes to payroll totals, and 24.6 percent decreased staff totals. Industries that showed gains in employment include Information Management, Technology, Business Services, Insurance and Non-Profits. Agriculture, Arts and Entertainment and Utilities realized staff declines. Additionally, the Central and East regions saw employment declines while the Southeast and West regions grew headcounts.
Despite the outcome of the Presidential election shedding light on changes to the political landscape and fiscal policies, small business owners are withholding investing in more labor until the economic pictures comes into clear focus for 2017. With a potential Fed rate hike around the corner, small business owners are more focused on business and economic metrics.
The graphic below highlights trends and results from the SBEI.
The SBEI illustration is licensed under a Creative Commons Attribution-NoDerivs 3.0 Unported License.