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 second straight month of hiring decreases in October, coming in with a seasonally adjusted decrease of 1.25%.
In October, 18% of companies in the index increased staffing, 58% made no change to the headcount and 24% reduced employment totals. Education Services, Healthcare and Insurance experienced hiring gains. Meanwhile, decreases were seen in Arts, Entertainment and Recreation, Rental and Leasing Services, and Technology and Life Sciences.
On a regional basis, Northeast (-1.64%), Central (-1.32%), Southeast (-0.84%) and West (-0.80%) regions all experienced declines in hiring. The data points to a shift in consumer spending as discretionary spending declines.
Anna Rathbun is Chief Investment Officer, CBIZ Inc.
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