February 2, 2017

Small business hiring plunges to kick off 2017

The CBIZ Small Business Employment Index (SBEI), a barometer for small business hiring trends that surveys approximately 4,000 companies employing 300 or fewer people, reported a sharp dip in hiring, posting a -3.12 percent reading for January. This follows a 1.6 percent gain in hiring in December.

This month, 19 percent of companies in the SBEI increased hiring, 46 percent made no change and 35 percent decreased headcounts. Industries that realized declines include Arts and Entertainment, Agriculture, Education, Retail, Accommodation and Food Service, Health Care, Construction and Financial Services. Insurance was the only industry that displayed an increase in hiring. Regionally, all four sectors across the country saw employee headcounts decline.

As dramatic political and economic change and uncertainty continue to rattle the financial markets and leave the country’s economic state in question, small business owners will need to continue to display patience and watch as larger economic trends unfold. 

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.

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