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 1.62 percent decrease in hiring in October. This is the fourth consecutive monthly decline recorded by the SBEI.
Forty-nine percent of companies in the SBEI did not change their staff totals, 30 percent of companies cut their headcounts and 21 percent increased staff. Industries which posted declines in October include Professional Services, Healthcare, Manufacturing and Retail Trade, while those which increased include Mining and Insurance. Additionally, the West region reported flat hiring while the Central, Southeast and Northeast regions posted notable declines. Thus, small businesses were reluctant to increase headcounts across nearly all geographies, not just those impacted by the severe weather seen in prior months.
Small business owners are struggling to find qualified workers who can meet their needs, according to the recent release of the National Federation of Independent Business survey. This problem might suggest that small businesses are operating in a strong economy in a state of full employment.
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.