The Small Business Employment Index Increases 0.80% in July

The CBIZ Small Business Employment Index tracks payroll and hiring trends for small businesses with 300 or fewer employees. The Index had a seasonally adjusted increase of 0.80% in July. CBIZ, based in Cleveland, Ohio, tracks this information for over 3,600 companies.

 

Anna Rathbun, CFA, Chief Investment Officer, said, "July showed us that consumers are continuing to be cautious with their spending. In turn, small businesses are reacting to market conditions and the looming recession fears during a time of year when hiring has historically been much stronger."  

 

Other trends identified from the CBIZ Index include:

 

July's snapshot:

  • 24% of companies in the Index increased staffing.
  • 55% made no change to their headcounts.
  • 21% reduced employment totals.

Industries at a glance: Construction and Rental and Leasing Services experienced hiring increases. Arts and Entertainment, Education Services, Not-For-Profit, and Recreation declined.

Geographical hiring: The Northeast (2.36%), Southeast (1.49%), and Central (0.66%) regions all experienced hiring increases. The West (-1.15%) was the only region that had a decline.

What's next? While news of significant corporate layoffs makes headlines, small businesses may prove more nimble in a turbulent economy. Industries like Education Services can expect hiring growth as students return to school in the coming months.

 

To learn more about CBIZ, go to www.CBIZ.com.

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