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 hiring increase in the reading for March, with a seasonally adjusted gain of 0.1%. March is typically a month where hiring trends are strong, so this reading is a positive sign that hiring is continuing despite labor shortages.

In March, 25% of companies increased their headcounts, 57% reported no change to their employment totals, and 18% decreased their staffing. Industries with hiring growth include Accomodation and Food Services, Construction, and Arts and Entertainment, which saw its largest growth since the start of the pandemic. The most significant declines were seen in Technology and Life Sciences, and Wholesale Distribution, which could be a result of continued supply chain issues.

On a regional-level, the Southeast and Central regions both showed a flat reading, while the West region had a mild hiring decline. On the other hand, the Northeast region showed a solid growth in hiring. Overall, there are signs that the county will continue to see a growth in hiring despite ongoing issues such as labor shortages, supply-chain disruptions, and inflation. 

Phil Noftsinger is Executive Vice President, CBIZ Inc.

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