Hiring Skyrockets Among Small Businesses in June, According to CBIZ Small Business Employment Index
- SBEI records an increase in hiring of 2.11 percent in June, its largest increase since the Global Financial Crisis -
“In the strongest report since the SBEI’s inception in
ADP and Moody’s Analytics’ report was not as optimistic, finding 158,000 jobs added for the month, against expectations of 185,000.
To view an infographic with data from the employment index, visit
the
Additional takeaways from the June SBEI include:
- June’s snapshot: Compared to the May reading of the SBEI, 33 percent of companies added staff, 48 percent made no change to their employee totals, and 19 percent decreased their headcounts. While this June’s reading was the largest ever reported by the SBEI, June is a historically positive month for growth, averaging an increase of 0.83 percent since 2009.
- Industries at a glance: Most industry sectors reflected in the SBEI skewed positively in June. However, notable decreases occurred in the Utilities and Education industries. The Arts & Entertainment, Construction, Real Estate, Non-Profits, Healthcare and Professional Services industries realized significant growth.
- Geographical Hiring: The Northeast led the way with growth of 2.93 percent, followed by the Central region at 2.68 percent and the Southeast at 1.32 percent. Surprisingly, the West region saw a small reduction in hiring of 0.07 percent.
- What’s next? This month’s reading points to a more aggressive stance by small businesses in terms of future demand and increased economic activity. Going forward, the underlying support for this optimism will shift in response to fiscal policy changes, which have the potential to ignite economic forces that will likely allow for continued hiring growth.
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
Editor’s note:
(1) The SBEI Illustration is licensed under a
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170707005068/en/
Source:
Gregory
FCA for CBIZ,
Inc.
Kelly Forst, 610-228-2396
kellyf@gregoryfca.com