Hiring Among Small Businesses Remains Flat in February, According to CBIZ Small Business Employment Index
March 09 2018 - 7:45AM
Business Wire
- Latest reading from CBIZ’s proprietary Small
Business Employment Index shows minimal change in February staff
totals across the U.S. -
The CBIZ Small Business Employment Index (SBEI), which tracks
hiring trends among thousands of companies that employ 300 or fewer
employees across the U.S., reported a month-over-month decrease in
hiring activity of 0.20 percent in February, following a decrease
in hiring of 3.14 percent in January.
“Historically, February is a quiet month in terms of small
business hiring, and today’s reading falls in line with this
trend,” says Philip Noftsinger, President of CBIZ Employee Services
Organization. “At this point in the year, holiday season hiring
volatility has mellowed, and employers have not yet begun hiring
for the warmer months ahead. But as temperatures rise across the
U.S., we expect hiring among small businesses to do the same.”
ADP and Moody’s Analytics reported Wednesday that the private
sector added 235,000 jobs in February, which beats economists’
expectations of 200,000 additions.
To view an infographic with data from the employment index,
visit the CBIZ blog.1
Additional takeaways from the February SBEI include:
- February’s snapshot: Compared to
the January reading of the SBEI, 24 percent of companies in the
index increased their employee count, 51 percent did not change
their staff totals and 25 percent decreased headcounts. Typically,
the February reading in the SBEI comes in flat, and this month’s
reading is in line with expectations.
- Industries at a glance:
Industries which grew their employee totals include Transportation,
Finance and Insurance, Manufacturing, Technology and Life Sciences,
and Non-Profits. Meanwhile, Accommodation and Foodservices,
Construction, Real Estate, Arts and Entertainment, and Financial
Services saw headcounts decline.
- Geographical hiring: While the
Central region declined by 0.51 percent, the rest of the country
experienced hiring growths, with the Southeast, West and Northeast
regions increasing by 0.16 percent, 0.27 percent and 0.28 percent,
respectively.
- What’s next? Hiring among small
businesses tends to pick up as the weather gets warmer. However, as
potential tariffs and uncertainty surrounding future Federal
Reserve actions remain in the news, small business owners may wait
for clarity around policy decisions that could impact their
revenues.
CBIZ Payroll Services manages payroll services for more than
4,000 businesses. Its index reflects a broad array of industries
and geographies corresponding to the markets across the U.S. where
CBIZ provides human capital services. The data represented by the
SBEI is derived from a segment of employers not completely
accounted for by the ADP and Federal BLS employment reports.
Editor’s note:
(1) The SBEI Illustration is licensed under a Creative Commons
Attribution-NoDerivs 3.0 Unported License. Based on our work at
http://www.cbiz.com/insights-resources/blog.
Follow CBIZ on Twitter at @CBZ or on Facebook.
About CBIZ, Inc.
CBIZ, Inc. provides professional business
services that help clients better manage their finances and
employees. CBIZ provides its clients with financial services
including accounting, tax, financial advisory, government health
care consulting, risk advisory, real estate consulting and
valuation services. Employee services include employee benefits
consulting, property and casualty insurance, retirement plan
consulting, payroll, life insurance, HR consulting and executive
recruitment. As one of the largest accounting, insurance brokerage
and valuation companies in the United States, the Company’s
services are provided through more than 100 Company offices in 33
states. CBIZ Employee Services Organization is a division of CBIZ
Benefits & Insurance Services, Inc.
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version on businesswire.com: http://www.businesswire.com/news/home/20180309005035/en/
Gregory FCA for CBIZ, Inc.Kelly Forst,
610-228-2396kellyf@gregoryfca.com
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