CBIZ Small Business Employment Index Reports Hiring Increase in October Despite Uncertainty
The CBIZ Small Business Employment Index (SBEI), which tracks hiring trends among thousands of companies across the U.S. with 300 or fewer employees, reported a seasonally adjusted increase of 1.18% for its October reading. While small business hiring historically decreases in October, the CBIZ SBEI did not follow this trend for 2020, even amid widespread uncertainty related to COVID-19 and the U.S. election.
The index reported that employment grew for 25% of companies, remained unchanged for 53% of them and declined for 22%. On the industry front, Transportation, Accommodation and Food Services, Non-Profits, Retail Trade and Healthcare all showed hiring growth. Declines occurred in Construction, Wholesale Distribution, Financial Services and Real Estate.
The CBIZ SBEI showed hiring increases throughout the U.S., with the West region reporting the largest gain. The next-highest gains were reported in the Southeast and Central, while the Northeast posted the smallest hiring increase.
Phil Noftsinger is Executive Vice President, CBIZ Inc.
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