CBIZ Small Business Employment Index (SBEI) Sees Hiring Flatten in February
The CBIZ Small Business Employment Index (SBEI), which tracks hiring trends among thousands of companies with 300 or fewer employees across the U.S., reported a seasonally adjusted decline of 0.39% for February. Following an increase of 1.61% in January, the February reading aligns with historical trends from the SBEI data.
Among companies in the CBIZ SBEI, 20% of companies boosted their employment numbers, while 54% reported no change and 26% decreased staffing totals. From an industry standpoint, hiring increased in Administration and Support Services, Educational Services, Technology and Life Sciences and Non-Profits. It decreased in Arts and Entertainment, Insurance, Wholesale Distribution and Accomodation and Food Services.
The West was the only region to increase hiring in the month. The Central, Southeast and Northeast regions each observed a hiring decrease.
Phil Noftsinger is Executive Vice President, CBIZ Inc.
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