The CBIZ Small Business Employment Index Reports Second Month of Decreased Hiring

The CBIZ Small Business Employment Index Reports Second Month of Decreased Hiring

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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 0.58% for the month. October's hiring data indicates a weakening labor market.

In October, the largest declines were seen in Construction, Real Estate, and Rental and Leasing Services. The Insurance, Technology and Life Science, and Transportation industries saw hiring increases. Overall, 18% of companies in the index increased staffing, 61% made no change to their headcounts and 21% reduced employment totals.

The West (1.69%) was the only region that experienced a hiring increase. The Central (-0.95%), Southeast (-0.57%) and Northeast (-0.22%) regions all had declined hiring totals. Small businesses are expressing caution as they make hiring decisions. Looking ahead, economic pressures could continue to keep hiring stagnant as the holidays approach. 

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Anna Rathbun is Chief Investment Officer, CBIZ Inc.

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The CBIZ Small Business Employment Index Reports Second Month of Decreased Hiringhttps://www.cbiz.com/Portals/0/Images/SBEI Email Header.jpg?ver=VursPuxZKR2_KOENtEHAgA%3d%3dAnna Rathbun, CFA, Chief Investment Officer, CBIZ, Inc., discusses the October reading of the CBIZ Small Business Employment Index and what the data means for small businesses.2024-11-11T20:00:00-05:00

Anna Rathbun, CFA, Chief Investment Officer, CBIZ, Inc., discusses the October reading of the CBIZ Small Business Employment Index and what the data means for small businesses.

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    "CBIZ" is the brand name under which CBIZ CPAs P.C. and CBIZ Inc. and its subsidiaries, including CBIZ Advisors, LLC, provide professional services. CBIZ CPAs P.C. and CBIZ, Inc. (and its subsidiaries) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. CBIZ CPAs P.C. is a licensed independent CPA firm that provides attest services to its clients. CBIZ, Inc. and its subsidiary entities provide tax, advisory, and consulting services to their clients. CBIZ, Inc. and its subsidiary entities are not licensed CPA firms and, therefore, cannot provide attest services.

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