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Business Wire 8-Mar-2019 7:45 AM
- A growing participation rate and tightening labor market level out small business hiring -
The CBIZ Small Business Employment Index (SBEI), which tracks hiring trends among thousands of companies that employ 300 or fewer employees across the U.S., reported a month-over-month seasonally adjusted increase in hiring of 0.09 percent in February, following a decrease in hiring of 2.96 percent in January.
"The February SBEI demonstrated an essentially flat reading for the period," says Philip Noftsinger, Executive Vice President, CBIZ Employee Benefits. "This falls in line with historical trends, as February rarely features significant hiring developments."
ADP and Moody's Analytics reported Wednesday that the private sector posted an increase of 183,000 jobs month-over-month on a seasonally adjusted basis. Small businesses accounted for 12,000 of those jobs, which is a steep drop from January's report of 107,000.
To view an infographic with data from the employment index, visit the CBIZ blog.1
Additional takeaways from the February SBEI include:
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 CBIZ provides human capital services. The data represented by the SBEI is derived from a segment of employers not completely accounted for by the ADP and federal Bureau of Labor Statistics employment reports.
Editor's note:
(1) The SBEI illustration is licensed under a Creative Commons Attribution-NoDerivs 3.0 Unported License. Based on our work at http://www.cbiz.com/insights-resources/blog.
Follow CBIZ on Twitter at @CBZ or on Facebook.
About CBIZ, Inc.
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, financial advisory, government health care consulting, risk advisory, real estate consulting and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting and executive recruitment. As one of the largest accounting, insurance brokerage and valuation companies in the United States, the company's services are provided through more than 100 company offices in 33 states. CBIZ Employee Services Organization is a division of CBIZ Benefits & Insurance Services, Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190308005064/en/