The Tide Changes With October Hiring Increase for CBIZ Small Business Employment Index (SBEI)
The CBIZ Small Business Employment Index (SBEI), which tracks hiring trends among thousands of companies that employ 300 or fewer people across the U.S., documented a month-over-month seasonally adjusted increase in hiring of .92% for October. This increase disrupts the negative trend from at least the last five Octobers.
The data also changed the tune from September 2019, which noted a decrease in hiring of 1%. Diving deeper into October, half of companies (50%) in the CBIZ SBEI had no change to their employee counts. Those that did change were close to evenly split, with 26% showing an increase and 24% showing a decrease. Looking at specific industries, there was growth in Healthcare, Admin and Support Services, Transportation and Financial Services. Alternatively, declines came in Information Real Estate and Arts and Entertainment.
As for geography, there was almost no change for the Central, Northeast and Southeast regions. Meanwhile, the West demonstrated positive development.
Phil Noftsinger is Executive Vice President, CBIZ Employee Benefits.
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