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 slight increase in hiring for February, posting a 0.16 percent month-over-month increase in hiring. This follows a sharp decline in January of 3.12 percent.
This month, 25 percent of companies in the index increased their employee counts, 51 percent made no change to staff totals and 24 percent cut headcounts. Industries that realized the largest gains include Construction, Technology and Life Sciences, Education, Financial Services, Manufacturing and Health Care. Utilities, Arts Entertainment and Recreation, Agriculture and Professional, Scientific and Technical Services declined this month. Regionally, the Southeast and West grew while the Northeast and Central regions declined due to winter weather conditions.
The small business labor market has fluctuated a great deal in the past few months since the election. But, small business owners are listening carefully to policy changes and keeping abreast of changes that might impact their hiring plans.
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.