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November 1, 2019

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.

Copyright © 2019, CBIZ, Inc. All rights reserved. Contents of this publication may not be reproduced without the express written consent of CBIZ. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

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