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 small decrease in hiring for the month of September, reporting a seasonally-adjusted decrease of 0.40%.

In September, 21% of companies in the index increased staffing, 55% made no change to the headcount, and 24% reduced employment totals. Education Services, Information, Mining, and Transportation experienced hiring gains. Decreases were seen in Administration and Support Services, Arts, Entertainment and Recreation, Technology and Life Sciences, and Utilities.

On a regional basis, the West (0.84%) experienced an increase, while the Northeast (-0.75%), Central (-0.49%), and Southeast (-0.42%) all experienced declines in hiring. The data suggest small business owners are feeling the impact of pandemic-related financial support coming to an end, while the resumption of student loan payments are expected to have an impact on consumer’s financial situations and the overall job market.

Anna Rathbun is Chief Investment Officer, CBIZ Inc.

Copyright © 2023, CBIZ, Inc. All rights reserved. Contents of this publication may not be reproduced without the express written consent of CBIZ. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.