CBIZ’s Index Reveals Highest Month-Over-Month Growth Since June 2010
CLEVELAND--(BUSINESS WIRE)--Apr. 5, 2012--
The CBIZ
Small Business Employment Index (SBEI), a barometer for hiring trends
among companies with 300 or fewer employees, increased by 1.66 percent
during March, following an increase of .25 percent in February. The
small business sector of the economy continues to attract headline
coverage as our leadership as well as political and economic pundits
stress that the small business owner is the driving force of the
economy. The SBEI is focused on this portion of our economy and is a
critical component to understanding economic trends in this small
private sector.
Today’s announcement follows ADP’s March jobs survey, which illustrated
that the private sector added 209,000 jobs last month. Currently, CBIZ
Payroll Services manages payroll services for more than 3,000 businesses
that employ fewer than 300 people. The sample reflects a broad array of
industries and geographies corresponding to the markets across the
United States where CBIZ provides services.
Philip Noftsinger, business unit president for CBIZ
Payroll Services, offered, “This is the highest month-over-month
growth since June 2010, and represents a growing trend across the
marketplace that employment is healing at all levels. In addition, the
number of firms adding workers versus no change or reductions was solid
as well, demonstrating a broader based increase. We now have a solid
trend in employment going into the spring.”
Additional take-away points from the March data include:
-
At-a-glance: Of the companies surveyed, the data shows that 28
percent reported an increase in employee headcount while 18 percent
decreased staffing. 54 percent of the companies involved in the survey
maintained their number of employees.
-
Small business sector: Other reports of anecdotal nature are
recording consistent information that shows small businesses are
improving their employment numbers.
-
What-to-watch: Sustained gains will be important for future
growth, so look to April and May to continue the present trend within
the SBEI. Consumer confidence, raising gas prices and this summer’s
seasonal business activity will continue to play a direct role on the
road to recovery.
“While our March report shows a 1.66 percent growth in small business
employment, continued increases in the prices of fuel could lead to more
guarded hiring, as costs to employers increase. We will watch closely to
determine if the growth is sustainable given future cost pressures on
small business seem likely,” said Noftsinger.
For a month-by-month illustration of the Small Business Employment
Index, please
click here.
Editor’s note: The United States Department of Labor’s Bureau
of Labor Statistics Employment Situation Summary is due to be released
on Friday, April 6, at 8:30 a.m. Mr. Noftsinger is available for media
interviews to discuss employment trends and other payroll matters
impacting the American business environment today and tomorrow.
About CBIZ,
Inc. (NYSE:CBZ)
CBIZ, Inc. provides professional business services that help clients
better manage their finances and employees. CBIZ provides its clients
with financial services including accounting, tax and consulting,
internal audit, merger and acquisition advisory and valuation services.
Employee services include employee benefits consulting, property and
casualty insurance, retirement plan consulting, payroll, life insurance,
HR consulting and executive recruitment. CBIZ also provides outsourced
technology staffing and support services, healthcare consulting and
medical practice management. As one of the largest benefits specialists
and one of the largest accounting, valuation and medical practice
management companies in the United States, the company’s services are
provided through more than 140 company offices in 36 states.
Source: CBIZ, Inc.
Gregory
FCA for CBIZ,
Inc.
Jimmy Moock, 610-228-2125
jimmy@gregoryfca.com
