CBIZ Small Business Employment Index Highlights Historical October Flattening Trend
- Small business owners refrain from employment changes following September’s decrease in hiring -
“The October reading of the SBEI followed historical trends for this
period by showing a flat reading,” says
ADP and Moody’s Analytics reported Thursday that the private sector posted an employment increase of 227,000 jobs month-over-month on a seasonally adjusted basis. Small businesses accounted for 29,000 of those jobs and the report found that all sectors reported an increase.
To view an infographic with data from the employment index, visit
the
Additional takeaways from the October SBEI include:
-
October’s snapshot: When compared to the September SBEI
reading, 25 percent of companies increased their headcounts, 49
percent refrained from making labor changes, and 26 percent decreased
their employee totals. Since the SBEI’s inception in
June 2009 , the October reading has seen an average hiring decrease of 0.54 percent, an essentially flat reading; and this year’s reading is the third-largest decrease during the October period. - Industries at a glance: Of the industries reflected in the index, Finance and Insurance, Utilities, and Technology and Life Sciences posted job growth. Meanwhile, Construction, Non-Profits, and Accommodation and Foodservices industries posted declines.
- Geographical hiring: In October, the West, Northeast and Central regions experienced hiring decreases of 1.75 percent, 0.86 percent and 0.6 percent, respectively. The Southeast demonstrated a hiring increase of 0.63 percent.
- What’s next? With the October report falling right in line with seasonal trends and the election just a week away, the November report will better determine any discernible reaction in hiring trends by small business owners as the economy continues to demonstrate strong 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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Source:
Gregory
FCA for CBIZ,
Inc.
Kelly Forst
Desk: 610-228-2396
kellyf@gregoryfca.com