CBIZ Small Business Employment Index (SBEI) Records Second Largest Decline in Index History
The CBIZ Small Business Employment Index (SBEI), which tracks hiring trends among thousands of companies with 300 or fewer employees across the U.S., reported a seasonally adjusted reading of -2.53%. The reading marks the second-largest decline of the metric’s 11-year history, but a major improvement from the April data. The metric tracks small business employment levels for businesses that paid employees in both the April and May pay cycles. Businesses that ceased operations are not included in the metric.
For the month of May, 27% of companies in the CBIZ SBEI reported a staffing decrease, while 48% reported no change, and 25% reported an increase in hiring. Of the industries surveyed, Agriculture, Transportation, Real Estate and Construction all showed signs of elevated employment levels. However, small business hiring declined in a number of industries, most notably Accommodation and Food 600万彩票, Non-Profits, Retail, and Technology and Life Sciences.
Throughout the United States, small business hiring continued to feel the effect of the coronavirus pandemic. All four regions showed seasonally adjusted decreases, which were especially remarkable in the West and the Southeast.
is Executive Vice President, CBIZ Inc.
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