CBIZ Small Business Employment Index shows hiring growth in May
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 0.49 percent in May, following a decrease in hiring of 0.42 percent in April.
51 percent of companies in the SBEI did not make a change to their staff totals, while 30 percent of companies increased employee counts and 19 percent decreased headcounts. Additionally, Arts and Entertainment, Transportation, Real Estate, Construction, Accommodation and Food Services, and Insurance and Financial Services all showed gains. Rental and Leasing Services was the only industry category showing a decline.
The May SBEI shows job growth in line with the historic trend for the month. Seasonally, small business owners typically increase hiring due to an influx of seasonal workers. However, small businesses may be hurt due to heated trade issues between the U.S. and China, along with the potential for tariffs for good produced in Mexico.