CBIZ Small Business Employment Index (SBEI) Hiring Data Signals Early Signs of Economic Recovery in June
The CBIZ Small Business Employment Index (SBEI), which tracks hiring trends among thousands of companies with 300 or fewer employees across the U.S., showed its first signs of recovery since March 2020, with a seasonally adjusted increase of 1.82%. June 2020 was the highest-ranking June period of the metric’s 11-year history and a vast upswing from April and May’s historic declines.
In June, 30.1% of companies in the index increased hiring, while 51.4% kept hiring flat and 18.5% decreased hiring. Of the industries in the index, Accommodation and Food Services had double-digit hiring growth. Retail Trade, Real Estate, Arts and Entertainment, and Construction also saw hiring increase, meeting reopening expectations. Information was the only industry to decrease hiring for June.
Across U.S. regions, small business hiring had mixed results. The Northeast, Central and Southeast regions increased hiring. However, the West reported a hiring decline, indicating that section of the country opened later in the June cycle.
Phil Noftsinger is Executive Vice President, CBIZ Inc.
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