The CBIZ Small Business Employment Index Started the Year Off With a Hiring Decrease in January

The CBIZ Small Business Employment Index Started the Year Off With a Hiring Decrease in January

The CBIZ Small Business Employment Index (SBEI), which tracks hiring trends among thousands of companies across the U.S. with 300 or fewer employees, saw a hiring downturn in the January reading, with a seasonally adjusted decrease of 1.97%. This month’s data is inline with the historical average as activities surrounding the holiday season subside.

In January, 16% of companies increased their employee count, 54% did not make a change to their staff and 30% decreased employee totals. Twenty-three of the twenty-five industries represented in the CBIZ Small Business Employment Index saw a decrease in hiring. Arts, Entertainment and Recreation, and Retail experienced the largest reductions.

From a regional perspective, the Central (-1.83%), Southeast (-1.83%), and West (1.70%) regions saw hiring declines with the Northeast (-2.60%) standing out with the greatest loss. While employment numbers fell for January, this is a seasonal effect and there is nothing extraordinary about the month that would signal something fundamental has shifted in the labor situation for small businesses. 

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Anna Rathbun is Chief Investment Officer, CBIZ Inc.


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The CBIZ Small Business Employment Index Started the Year Off With a Hiring Decrease in Januaryhttps://www.cbiz.com/Portals/0/Images/SBEI Email Header.jpg?ver=VursPuxZKR2_KOENtEHAgA%3d%3dAnna Rathbun, CFA, Chief Investment Officer, CBIZ, Inc., discusses the January reading for the CBIZ Small Business Employment Index and what the results might mean for the larger economy. 2023-02-06T20:00:00-05:00Anna Rathbun, CFA, Chief Investment Officer, CBIZ, Inc., discusses the January reading for the CBIZ Small Business Employment Index and what the results might mean for the larger economy. NoneNo