The CBIZ Small Business Employment Index (SBEI), which tracks hiring trends among thousands of companies across the U.S. with 300 or fewer employees, saw a slight decline in the reading for November, with a seasonally adjusted decrease of -0.25%. The downward shift in hiring is consistent with November hiring trends since businesses are more likely to hire for the holiday shopping season in the months prior.
In November, 21% of companies increased their headcounts, 55% reported no change to their employment totals and 24% decreased their staffing. Industries with hiring growth included Non-Profits, Retail, Professional Services, and Arts and Entertainment. Hiring saw declines in Technology and Life Sciences, Agriculture, Financial Services, and Construction.
On a regional-level, the significant growth was seen in the West (3.15%) and a small increase in the Central (0.02%) region. The Northeast (-0.07%), and Southeast (-0.11%) both saw a slight hiring decline in November. This month’s data further indicated that the Western region, which was under heavier COVID restrictions, is now rebounding.
Phil Noftsinger is Executive Vice President, CBIZ Inc.
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