Small Business Hiring Trends Gain Momentum in April
Regional and industry reopenings spur growth at the start of the second quarter for the CBIZ Small Business Employment Index
“While small business hiring increased in February and March, the momentum accelerated noticeably in April, with the CBIZ SBEI recording its largest seasonally adjusted spike,” said
Prominent hiring gains were detailed in the ADP and Moody’s employment report as well. According to the report, private-sector jobs jumped by 742,000 on a month-over-month, seasonally adjusted basis, and small business jobs climbed by 235,000. The ADP and Moody’s report counts small businesses as companies with 49 or fewer employees, while the CBIZ SBEI uses data from companies with 300 employees or fewer.
Reopening efforts underpinned regional data for the CBIZ SBEI. The Northeast (5.94%), West (3.97%) and Central (3.3%) regions experienced the greatest hiring growth. The index reported a more moderate increase in the Southeast (2.5%).
Industry data also points to economic reopening as a key trend.
“Historically, it’s not surprising for hiring to increase in Agriculture and Construction in the early spring, but growth stands out in
To view an infographic with data from the employment index, visit the CBIZ website.
Additional takeaways from the April SBEI include:
April’s snapshot: 26% of companies in the index reinforced staffing, 55% left headcounts unchanged and 19% lowered employment levels.
Industries at a glance:
Geographical hiring: The Northeast (5.94%), West (3.97%), Central (3.3%) and Southeast (2.5%)
What’s next? While hiring could continue to increase through the second quarter, the trend may be less pronounced when more regions are fully operational across the
Editor’s note:
(1) The SBEI illustration is licensed under a Creative Commons Attribution-NoDerivs 3.0 Unported License. Based on our work at https://www.cbiz.com.
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