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 increased hiring among small businesses in the month of March, with a seasonally adjusted increase of 0.86% for the month. The March data extends gains reported in February, which rebounded from initial declines to start the year. The findings underscore the impact of a reopening economy, optimism from continued vaccine developments and increased activity among consumers.

Of companies surveyed in the CBIZ SBEI, 26.3% increased headcounts, 56.2% kept headcounts consistent and 17.5% decreased headcount numbers. The Accommodation and Food Services industry extended hiring momentum in the month of March, and the Arts and Entertainment industry reversed previous downward hiring trends and reported gains for the month. Construction and Financial Services both saw hiring growth. Technology and Life Sciences and Mining were the only two industries reporting decreased hiring trends.

The CBIZ SBEI also measures geographic hiring trends, and the March reading found all four major regions reported hiring growth for the second consecutive month. The Northeast reported the most significant increase (1.61%) with the West closely following (1.27%). The Southeast (0.82%) and the Central (0.61%) regions reported more modest growth.

Phil Noftsinger is Executive Vice President, CBIZ Inc.

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