CBIZ Small Business Employment Index Surges in August
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 1.72% in August, following a decrease in hiring of 0.43% in July.
Fifty percent of companies in the SBEI did not make a change to their staff totals, while 29% of companies increased employee counts and 21% decreased headcounts. The August period has averaged an increase in hiring within the small business sector.
From an industry perspective, Transportation, Education, Non- Profits, Real Estate, Healthcare, Construction, Retail Trade, Manufacturing, and Professional Services all showed an increase in hiring for August as reported by the SBEI. Industries that reported a decline in hiring include Accommodation and Foodservice, and Information Services. Regionally, all four regions reported increases.
Hiring rates and job growth remain promising as many experts are forecasting a slowing economy. However, with the end of the fiscal year nearing, we may see a tight band around hiring in the months to come. The strong economy coupled with summer’s end has given Americans more reason to travel and spend more, resulting in a rebound in hiring trends across the board for the month of August.