The CBIZ Small Business Employment Index Reveals a Hiring Decline in January

The CBIZ Small Business Employment Index Reveals a Hiring Decline in January

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 decrease of 0.12% in January. This is a month where businesses shed holiday-related staff, so January’s report is within expectations.

In January, 14% of companies in the index increased staffing, 58% made no change to their headcounts, and 28% reduced employment totals. Positive gains were Government, Information, and Management. Administration and Support Services; Arts, Entertainment and Recreation; and Technology and Life Sciences experienced job losses.

On a regional basis, the Northeast (-0.14%), Southeast (-0.12%), and Central (-0.11%) regions showed losses, followed by the West (-0.08%) with a flat reading. Small businesses may be entering 2024 with caution as the fight for skilled labor continues to evolve. 

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Anna Rathbun is Chief Investment Officer, CBIZ Inc.

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The CBIZ Small Business Employment Index Reveals a Hiring Decline in Januaryhttps://www.cbiz.com/Portals/0/Images/SBEI Header 5-2023.jpg?ver=wBG3pV5oVYcmYjQaIO2lRQ%3d%3dAnna Rathbun, CFA, Chief Investment Officer, CBIZ, Inc., discusses the January reading of the CBIZ Small Business Employment Index and what the findings point to as consumers curb spending. 2024-02-05T20:00:00-05:00Anna Rathbun, CFA, Chief Investment Officer, CBIZ, Inc., discusses the January reading of the CBIZ Small Business Employment Index and what the findings point to as consumers curb spending. NoneNo