The recently released CBIZ Small Business Employment Index (SBEI) shows a month-over-month increase in small business hiring of 2.29 percent in August, up from a 2.03 decrease of hiring in July. CBIZ, a financial research services firm, tracks hiring trends among thousands of companies that employ 300 workers or less across the U.S.
Philip Noftsinger, the Executive Vice President of CBIZ Employee Benefits, attributes the small business hiring increase to “economic momentum [that] seems to be driving growth in small business and that’s translating to hiring. It appears the small business owner continues to be highly optimistic.”
ADP and Moody Analytics reported that the private sector shows an increase of 163,000 people month-over-month, with small businesses accounting for 21,000 of those jobs. Though almost all sectors and industries reported an increase, Agriculture, Educational Services, Retail Trade, Non-Profit, and Manufacturing fields show the largest increase. Financial Services, however, show a small decline.
The report also separated hiring increases by region with the Central U.S. showing the largest increase by 2.65 percent, followed by the Southeast, Northeast, and West. Additionally, while 30 percent of the companies grew their staff, 20 percent decreased staff and 50 percent made no change.
While providing a reassurance of a thriving domestic economy, the report warns of global financial issues potentially affecting America’s Main Street and essentially posing a risk to small businesses.
