CBIZ Small Business Employment Index Illustrates Surge in August Hiring
- Small business owners appear optimistic as August records its largest hiring increase to-date -
“The August reading of the SBEI exceeded historical trends for this
period,” says
ADP and Moody’s Analytics reported Thursday that the private sector posted an employment increase of 163,000 month-over-month, on a seasonally adjusted basis. Small businesses accounted for 21,000 of those jobs and the report found that almost all sectors and industries reported an increase.
To view an infographic with data from the employment index, visit
the
Additional takeaways from the August SBEI include:
-
August’s snapshot: When compared to the July SBEI reading, 30
percent of companies increased their headcounts, 50 percent refrained
from making labor changes, and 20 percent decreased their employee
totals. Since the SBEI’s inception in
June 2009 , the August reading has seen an average hiring decrease of 0.2 percent; and this year’s reading is the largest increase during the August period. - Industries at a glance: Of the industries reflected in the index, Agriculture, Educational Services, Retail Trade, Non-Profits, and Manufacturing recorded the strongest gains. Meanwhile, Financial Services showed a small decline.
- Geographical hiring: The entire country experienced hiring increases in August, with the Central, Southeast, Northeast, and West regions posting increases of 2.65 percent, 2.14 percent, 1.84 percent, and 1.23 percent, respectively.
- What’s next? The robust domestic economy continues despite trade issues and concerns around emerging markets. However, we learned through the great financial crisis that global issues can easily affect main street, so small business owners need to be cognizant of larger macro concerns as we move forward.
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: https://www.businesswire.com/news/home/20180907005044/en/
Source:
Gregory
FCA for CBIZ,
Inc.
Kelly Forst, 610-228-2396
kellyf@gregoryfca.com