The CBIZ Small Business Employment Index Continues to Show Reduced Hiring in February

The CBIZ Small Business Employment Index Continues to Show Reduced Hiring in February

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 hiring downturn in the February reading, with a seasonally adjusted decrease of 0.19%. While this an improvement from January the hiring decline aligns with seasonal trends.

In February, 21% of companies increased staffing, 59% made no change to their headcounts, and 20% reduced employment totals. Insurance and Mining experienced gains while Agriculture, Fishing and Hunting, and Wholesale Distribution declined.

From a regional perspective, the Southeast (0.74%) and West (0.56%) regions saw a hiring increase, while the Central (-0.67%) and Northeast (-0.35%) saw a decrease. With inflation continuing to be top concern for consumers, businesses are faced with balancing a healthy margin while keeping employees fulfilled, which may be a challenge for small businesses moving forward. 

cbiz-sbei-infographic-february-2023.jpg



Anna Rathbun is Chief Investment Officer, CBIZ Inc.


Copyright © 2023 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.

The CBIZ Small Business Employment Index Continues to Show Reduced Hiring in Februaryhttps://www.cbiz.com/Portals/0/Images/SBEI Email Header 3-2023.png?ver=tIAwfe750dYwdY2UBoXAfw%3d%3dAnna Rathbun, CFA, Chief Investment Officer, CBIZ, Inc., discusses the February reading for the CBIZ Small Business Employment Index and what the results might mean for the larger economy. 2023-03-09T20:00:00-05:00

Anna Rathbun, CFA, Chief Investment Officer, CBIZ, Inc., discusses the February reading for the CBIZ Small Business Employment Index and what the results might mean for the larger economy. 

NoneNo