April 4, 2019

CBIZ Small Business Employment Index shows hiring growth in March

The CBIZ Small Business Employment Index (SBEI), which tracks hiring trends among thousands of companies that employ 300 or fewer employees across the U.S., reported a month-over-month seasonally adjusted increase in hiring of 0.16 percent in March, following a increase in hiring of 0.09 percent in February. 

Fifty-five percent of companies in the SBEI did not make a change to their staff totals, while 26 percent of companies increased employee counts and 19 percent decreased headcounts. The March period has averaged an increase in hiring within the small business sector. Additionally, Arts and Entertainment, Construction, Transportation, Healthcare, Non-Profits, and Retail Trade posted increases in hiring during March, while Real Estate and Financial Services posted decreases. Regionally, the Northeast, Southeast, Central and West regions all experienced a hiring increase of 1.62 percent, 1.38 percent, 1.22 percent and 0.31 percent, respectively, on a non-seasonally adjusted scale.

Seasonally, the March timeframe is a period of hiring, The March SBEI, however, showed small business hiring growth beyond the historic trend. Continued domestic economic expansion is providing support for small business owners to elect to invest in more labor. This trend should continue as demand remains steady.

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