The CBIZ Small Business Employment Index (SBEI), which tracks hiring trends among thousands of companies that employ 300 or fewer employees across the U.S., reported a month-over-month seasonally adjusted increase in hiring of 1.72% in August, following a decrease in hiring of 0.43% in July.
Fifty percent of companies in the SBEI did not make a change to their staff totals, while 29% of companies increased employee counts and 21% decreased headcounts. The August period has averaged an increase in hiring within the small business sector.
From an industry perspective, Transportation, Education, Non- Profits, Real Estate, Healthcare, Construction, Retail Trade, Manufacturing, and Professional Services all showed an increase in hiring for August as reported by the SBEI. Industries that reported a decline in hiring include Accommodation and Foodservice, and Information Services. Regionally, all four regions reported increases.
Hiring rates and job growth remain promising as many experts are forecasting a slowing economy. However, with the end of the fiscal year nearing, we may see a tight band around hiring in the months to come. The strong economy coupled with summer’s end has given Americans more reason to travel and spend more, resulting in a rebound in hiring trends across the board for the month of August.