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 April, with a seasonally adjusted gain of 1.59%. The spring months typically see seasonal hiring increases, and strength in hiring was broad-based across the U.S. in April.

In April, 26% of companies increased their headcounts, 56% reported no change to their employment totals, and 18% decreased their staffing. Industries with hiring growth include Arts and Entertainment, Transportation and Accommodation, and Outdoor. The most significant declines were seen in Real Estate and Construction.

Every region across the United States showed an increase in hiring in April. The most notable growth was seen in the Northeast (2.3%), followed by the Southeast (1.61%), Central (1.51%), and West (0.58%). Overall, there is a shift among consumer spending from big-ticket items to experiences, as Arts Entertainment & Recreation and outdoor businesses (forestry, fishing, hunting) saw large gains in employment. 

Anna Rathbun is Chief Investment Officer, CBIZ Inc.

Copyright © 2022 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.