Saturday, March 2

The CBIZ Small Business Employment Index Reported Declines in October

The CBIZ Small Business Employment Index (SBEI), which tracks hiring trends among thousands of companies across the U.S. with 300 or fewer employees, reported a second straight month of hiring decreases in October, coming in with a seasonally adjusted decrease of 1.25%.

In October, 18% of companies in the index increased staffing, 58% made no change to the headcount and 24% reduced employment totals. Education Services, Healthcare and Insurance experienced hiring gains. Meanwhile, decreases were seen in Arts, Entertainment and Recreation, Rental and Leasing Services, and Technology and Life Sciences.

On a regional basis, Northeast (-1.64%), Central (-1.32%), Southeast (-0.84%) and West (-0.80%) regions all experienced declines in hiring. The data points to a shift in consumer spending as discretionary spending declines.

Anna Rathbun is Chief Investment Officer, CBIZ Inc.

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