October’s Small Business Hiring Data Continues to Show Weakness
The CBIZ Small Business Employment Index (SBEI) reported a 0.58% seasonally adjusted decrease in October, marking the second consecutive month of decline. The index, tracking over 2,800 companies with 300 or fewer employees, shows that 18% increased staffing, 61% maintained levels, and 21% reduced employment. Regionally, only the West (+1.69%) saw growth, while Central (-0.95%), Southeast (-0.57%), and Northeast (-0.22%) experienced declines. Industries showing growth included Insurance, Technology and Life Sciences, and Transportation, while Construction, Real Estate, and Rental and Leasing Services reported losses. The CBIZ Main Street Index revealed 51% of SMB owners are evaluating staff levels due to economic conditions.
L'indice di occupazione per le piccole imprese CBIZ (SBEI) ha riportato una decremento stagionalmente aggiustato dello 0,58% a ottobre, segnando il secondo mese consecutivo di calo. L'indice, che monitora oltre 2.800 aziende con 300 o meno dipendenti, mostra che il 18% ha aumentato il personale, il 61% ha mantenuto i livelli occupazionali e il 21% ha ridotto l'occupazione. A livello regionale, solo l'Ovest (+1,69%) ha registrato una crescita, mentre il Centro (-0,95%), il Sud-est (-0,57%) e il Nord-est (-0,22%) hanno subito dei cali. I settori che hanno mostrato crescita includono Assicurazioni, Tecnologia e Scienze della Vita, e Trasporti, mentre Edilizia, Immobili e Servizi di Affitto e Leasing hanno registrato perdite. L'indice Main Street CBIZ ha rivelato che il 51% dei proprietari di PMI stanno valutando i livelli di personale a causa delle condizioni economiche.
El Índice de Empleo de Pequeñas Empresas de CBIZ (SBEI) reportó una disminución ajustada estacionalmente del 0.58% en octubre, marcando el segundo mes consecutivo de declive. El índice, que rastrea a más de 2,800 empresas con 300 o menos empleados, muestra que el 18% aumentó su personal, el 61% mantuvo los niveles y el 21% redujo el empleo. Regionalmente, solo el Oeste (+1.69%) vio crecimiento, mientras que el Centro (-0.95%), el Sureste (-0.57%) y el Noreste (-0.22%) experimentaron declives. Los sectores que mostraron crecimiento incluyen Seguros, Tecnología y Ciencias de la Vida, y Transporte, mientras que Construcción, Bienes Raíces y Servicios de Alquiler y Leasing reportaron pérdidas. El Índice Main Street de CBIZ reveló que el 51% de los propietarios de PYMES están evaluando los niveles de personal debido a las condiciones económicas.
CBIZ의 소기업 고용 지수(SBEI)는 10월에 계절 조정 기준으로 0.58% 감소했다고 보고하며, 이는 두 번째 연속 감소 월을 나타냅니다. 이 지수는 300명 이하의 직원이 있는 2,800개 이상의 회사를 추적하며, 18%는 직원 수를 증가시켰고, 61%는 현 수준을 유지했으며, 21%는 고용을 줄였습니다. 지역적으로는 서부(+1.69%)만이 성장세를 보였고, 중앙(-0.95%), 남동부(-0.57%), 북동부(-0.22%)는 감소세를 보였습니다. 보험, 기술, 생명과학 및 운송 분야는 성장세를 보였고, 건설, 부동산 및 임대 서비스는 손실을 보고했습니다. CBIZ 메인 스트리트 지수는 51%의 중소기업 소유주가 경제적 조건으로 인해 직원 수준을 평가하고 있다고 밝혔습니다.
L'indice d'emploi pour les petites entreprises de CBIZ (SBEI) a rapporté une diminution ajustée saisonnièrement de 0,58% en octobre, marquant le deuxième mois consécutif de déclin. L'indice, qui suit plus de 2.800 entreprises comptant 300 employés ou moins, montre que 18% ont augmenté leur personnel, 61% ont maintenu les niveaux et 21% ont réduit l'emploi. D'un point de vue régional, seul l'Ouest (+1,69%) a connu une croissance, tandis que le Centre (-0,95%), le Sud-Est (-0,57%) et le Nord-Est (-0,22%) ont enregistré des baisses. Les secteurs en croissance comprennent l'Assurance, la Technologie et les Sciences de la Vie, et le Transport, tandis que la Construction, l'Immobilier et les Services de Location et de Leasing ont signalé des pertes. L'indice Main Street de CBIZ a révélé que 51% des propriétaires de PME évaluent les niveaux de personnel en raison des conditions économiques.
Der CBIZ Small Business Employment Index (SBEI) berichtete von einem saisonbereinigten Rückgang von 0,58% im Oktober, was den zweiten aufeinanderfolgenden Rückgang markiert. Der Index, der über 2.800 Unternehmen mit 300 oder weniger Mitarbeitern verfolgt, zeigt, dass 18% die Beschäftigung erhöht, 61% die Niveau gehalten und 21% die Beschäftigung reduziert haben. Regional sah nur der Westen (+1,69%) Wachstum, während der Mittelwesten (-0,95%), der Südosten (-0,57%) und der Nordosten (-0,22%) Rückgänge verzeichneten. Wachsende Branchen waren unter anderem Versicherungen, Technologie und Lebenswissenschaften sowie Transport, während Bauwesen, Immobilien und Miet- und Leasingdienste Verluste meldeten. Der CBIZ Main Street Index ergab, dass 51% der Inhaber von kleinen und mittelständischen Unternehmen (KMU) die Beschäftigungszahlen aufgrund wirtschaftlicher Bedingungen bewerten.
- West region showed 1.69% hiring growth
- Insurance, Technology and Life Sciences, and Transportation sectors experienced hiring gains
- 0.58% overall decrease in small business employment
- Second consecutive month of employment decline
- Fourth negative month in past six months
- Three out of four regions showed employment losses
- 21% of companies reduced employment totals
- 51% of SMB owners evaluating staff reductions due to economic conditions
Insights
The latest CBIZ Small Business Employment Index reveals concerning trends in the small business labor market, with a
The data suggests a broader slowdown in small business employment, corroborated by the fact that
The CBIZ Small Business Employment Index reports the second consecutive month of job losses
“The weakness we’re seeing in October isn’t just an isolated occurrence; it’s part of a broader trend,” said Anna Rathbun, CFA, Chief Investment Officer, CBIZ Investment Advisory Services, LLC. “Recent SBEI data aligns with a softening labor market reflected in the past six months of jobs data, highlighting a sustained slowdown.”
The Bureau of Labor Statistics’ employment report indicated hiring growth that missed expectations. The October reading showed an overall increase of 12,000 private-sector jobs. The national unemployment rate held steady at
The West (
On an industry level, Insurance, Technology and Life Sciences, and Transportation saw an uptick in hiring. Construction, Real Estate, and Rental and Leasing Services reported the largest job losses.
Rathbun added, “October’s data reinforces the challenges small businesses are facing as they navigate a labor market that has yet to find stable ground. With signs of slowing momentum and a shifting economic environment, small business owners are approaching hiring with heightened caution.”
To view an infographic with data from the employment index, visit the CBIZ website.
Additional takeaways from the October SBEI include:
October’s snapshot:
Industries at-a-glance: Insurance, Technology and Life Sciences, and Transportation experienced hiring gains. Decreases were seen in Construction, Real Estate, and Rental and Leasing Services.
Geographical hiring: The West (
What’s next? As we move toward year-end, small businesses will continue to watch labor data closely to navigate these evolving trends. The coming months will be telling of small business resilience in the face of ongoing economic uncertainties.
The October CBIZ SBEI data follows the Fall 2024 release of the CBIZ Main Street Index, which surveyed over 400 businesses throughout the
*Note: Not all of those surveyed in the CBIZ Main Street Index are clients of CBIZ.
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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About CBIZ
CBIZ, Inc. (NYSE: CBZ) is a leading professional services advisor to middle market businesses and organizations nationwide. With unmatched industry knowledge and expertise in accounting, tax, advisory, benefits, insurance, and technology, CBIZ delivers forward-thinking insights and actionable solutions to help clients anticipate what's next and discover new ways to accelerate growth. CBIZ has more than 10,000 team members across more than 160 locations in 21 major markets coast to coast. For more information, visit www.cbiz.com.
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Media Contact
Alex Ortiz
Gregory FCA for CBIZ
Alexo@gregoryfca.com
610-228-2119
Source: CBIZ, Inc.
FAQ
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