CBIZ Small Business Employment Index Reported a Hiring Pullback in June

CBIZ Small Business Employment Index Reported a Hiring Pullback 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., indicated a seasonally adjusted decrease of 0.08% in June. Historically, June is a month that experiences job gains with the summer season in full swing, but this reading showed uncharacteristic challenges. Many small to mid-sized businesses are struggling to find skilled labor to meet the demand for their goods and services

In June, 19% of companies in the index increased staffing, 60% made no change to their headcounts, and 21% reduced employment totals. Administrative and Support Services; Retail; and Technology and Life Sciences industries saw increases in hiring. However, Accommodation and Food Services; Arts, Entertainment and Recreation; and Not-for-Profit saw declines in hiring.

On a regional level, hiring trends for small businesses were mixed. The West (-1.89%) and Southeast (-1.27%) regions reported hiring decreases, while the Central (0.67%) and Northeast (0.25%) regions reported hiring increases. June usually signals job growth with the onset of summer, but this year presented unexpected challenges. The food services sector, typically thriving during this period, faced losses, while the Arts, Entertainment, and Recreation industry also encountered surprising difficulties throughout the month.

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Anna Rathbun is Chief Investment Officer, CBIZ Inc.

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CBIZ Small Business Employment Index Reported a Hiring Pullback in Junehttps://www.cbiz.com/Portals/0/Images/SBEI Header 5-2023.jpg?ver=wBG3pV5oVYcmYjQaIO2lRQ%3d%3dAnna Rathbun, CFA, Chief Investment Officer, CBIZ, Inc., discusses the June reading of the CBIZ Small Business Employment Index and what the data means for small businesses if inflation begins to cool.2024-07-08T19:00:00-05:00

Anna Rathbun, CFA, Chief Investment Officer, CBIZ, Inc., discusses the June reading of the CBIZ Small Business Employment Index and what the data means for small businesses if inflation begins to cool.

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