CBIZ Small Business Employment Index Sees Atypical Hiring Gain in July With Uptick in Economic Activity
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 improvement of 1.25% in small business hiring for July 2020, which is uncharacteristically high for the month. Indicators suggest this rise stemmed from continued economic recovery.
According to the index, 29% of companies increased hiring and 50% left hiring unchanged, while 21% decreased hiring. The CBIZ SBEI showed hiring growth in the majority of industries, including Arts and Entertainment, Accommodation and Food Services, Construction, Healthcare, Real Estate, Retail Trade, Manufacturing, Technology and Life Sciences, as well as Professional Services. The exceptions were Educational Services, Non-Profits and Transportation, as hiring declined in these industries.
All four U.S. regions reported seasonally adjusted hiring growth in July. However, the West and Central regions experienced more humble growth than the Northeast and Southeast.
Phil Noftsinger is Executive Vice President, CBIZ Inc.
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.