The CBIZ Small Business Employment Index (SBEI), which tracks hiring trends among thousands of companies with 300 or fewer employees across the U.S., indicated an adjusted decrease of 0.83% for the month. In November, 64% of industries tracked in the index experienced job losses, painting a picture of broad weakness.

The largest declines were seen in Administrative and Support Services, Financial Services, and Not-for-Profit. Agriculture, Fishing and Hunting, Mining, and Transportation saw the strongest gains in employment. Overall, 18% of companies in the index increased staffing, 63% made no change to their headcounts and 19% reduced employment totals.

The West (1.57%) was the only region that experienced a hiring increase. The Southeast (-2.06%), Central (-0.51%) and Northeast (-0.49%) all had declined hiring totals. From SBEI’s historical perspective, job losses in November leading into the holiday season often signal broader economic challenges. As we approach 2025, the impact of the new economic policies on the job market, particularly for small and middle-market businesses, remains uncertain.

Anna Rathbun is Chief Investment Officer, CBIZ Inc.

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