July 6, 2017

Small business hiring skyrockets to new heights in June

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 2.11 percent month-over-month increase in hiring this June, the largest reading the SBEI has ever reported since the index's inception. 

This month, 33 percent of companies in the index increased staff, 48 percent made no change and 19 percent decreased headcounts. While the majority of industries represented in the SBEI increased staff totals, the most notable increases occured within Arts & Entertainment, Construction, Real Estate, Non-Profits, Healthcare and Professional Services. Utilities and Education experienced the largest declines in hiring. Additionally, the Northeast realized a significant increase in hiring of 2.93 percent, the Central region increased by 2.68 percent and the Southeast increased by 1.32 percent; surprisingly, the West region showed slight hiring declines of 0.07 percent. 

This month's reading points to a more aggressive stance by small businesses in terms of future demand and increased economic activity. Going forward, small businesses will likely base future hiring decisions on potential fiscal policy changes which have the potential to ignite economic growth. However, these fiscal policy changes are still nowhere to be seen.

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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