CBIZ Small Business Employment Index
The CBIZ Small Business Employment Index (SBEI) tracks hiring trends among thousands of companies across the U.S. with 300 or fewer employees. In March 2021, the SBEI reported an increase in hiring among small businesses, with a seasonally adjusted increase of 0.86% for the month. The March data extends gains reported in February, which rebounded from initial declines to start the year. The findings underscore the impact of a reopening economy, hopefulness from continued vaccine developments, and increased activity among consumers.
“The small business landscape has been greatly impacted by the pandemic over the last year, and recovery has not been linear,” said Philip Noftsinger, Executive Vice President, CBIZ, Inc. “The CBIZ SBEI’s continued growth in March is a promising sign.”
CBIZ also recently released the Q1 2021 Main Street Index to gauge the continued impact of the COVID-19 Pandemic on the small and midsize business marketplace. The findings show that while challenges persist, businesses are staying resilient and maintaining a positive outlook.
“The CBIZ Main Street Index shows that although businesses are still dealing head-on with the pandemic’s impact over one year later, their overall tone is optimistic and they are leveraging varied strategies for growth,” said Noftsinger, “A major takeaway from the data is that businesses feel they have the capacity to weather the storm. The index results speak to how flexible and innovative the SMB marketplace can be in a business climate like this while continuing to focus on short-term and long-term goals.”