CBIZ Small Business Employment Index Indicates Hiring Increase in May
Return of seasonal workers drives hiring across all regions of the country
“May is typically a strong month for hiring. This has held true for
another year, especially due to the traditional return of seasonal
workers,” says Noftsinger. “But we could face some headwinds as the
heated trade war talks with
ADP and Moody’s reported Wednesday that May saw a decrease of 52,000 private small business jobs compared to April. However, the ADP and Moody’s report classifies small businesses as companies with 49 or fewer employees.
The CBIZ SBEI tracks hiring trends for over 3,700 companies that have
300 or fewer employees, providing a broader insight into small business
trends.
To view an infographic with data from the employment index, visit
the
Additional takeaways from the May SBEI include:
- May’s snapshot: When compared to the April SBEI, 30% of
companies increased headcounts, 51% refrained from making labor
changes and 19% decreased employee totals. Since the SBEI’s inception
in
June 2009 , the May reading has seen an average hiring increase of 1.12%. - Industries at a glance: Of the industries featured in the index, Arts and Entertainment, Transportation, Real Estate, Retail Trade, Construction, Accommodation and Food Services, Insurance and Financial Services all showed gains. Rental and Leasing Services was the only industry category showing a decline.
- Geographical hiring: In May, all four regions showed improvement. Hiring increases in the Northeast grew by 2.24%, the Central by 1.98%, the Southeast by 1.18% and the West by 0.63%.
- What’s Next? There is talk about the impact of trade war talk
with
China and nowMexico and its impact on the domestic economy and growth. We will continue to watch the macro environment and any affect on small businesses.
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/20190607005033/en/
Source:
Gregg Gethard
Desk: 610-228-2093
greggg@gregoryfca.com
Gregory
FCA for CBIZ,
Inc.