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 a seasonally adjusted increase of 0.15% in November following two consecutive months of declines in hiring.
In November, 19% of companies in the index increased staffing, 61% made no change to their headcounts, and 20% reduced employment totals. Management, Transportation, and Utilities experienced hiring gains. Decreases were observed in Agriculture; Fishing and Hunting, Information; and Rental and Leasing Services.
On a regional basis, the West (1.72%) reported a hiring increase, while the Central (0.05%) and Southeast (-0.07) regions both showed a flat reading. The Northeast (-0.28%) experienced a decline. While the West was the only region to experience a significant increase, it was broad-based and not isolated to any industry or sector that might suggest something more meaningful. It remains to be seen how the year will wrap up.
Anna Rathbun is Chief Investment Officer, CBIZ Inc.
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