Small Business Hiring Continues to Trend Downward in November
The CBIZ Small Business Employment Index reports a pullback in hiring painting a picture of broadening economic weakness
"While there is optimism about the potential growth under the new administration, the fundamentals of the
The Bureau of Labor Statistics’ employment report indicated hiring growth that beat expectations. The November reading showed an overall increase of 227,000 private-sector jobs. The national unemployment rate increased slightly to
“Just as October’s BLS report contained noise from two hurricanes and strikes, November’s BLS report also brings distortions resulting from the rebound in hiring. Taken together, the two-month average nonfarm gain is 132K, while the average of survey expectations is 160K. From a relative standpoint, we are missing the mark,” noted Rathbun.
The West (
From an industry perspective, 16 out of the 25 industries represented in the CBIZ Small Business Employment Index experienced job losses, led by Administrative and Support Services, Financial Services, and Not-for-Profit. Agriculture, Fishing and Hunting, Mining, and Transportation saw increases.
Rathbun added, “Looking at SBEI from a historical perspective, job losses in November heading into the holiday season have been associated with general economic weakness. While retail saw the expected seasonal job gains, the broader picture shows declines across many industries, highlighting a pattern of softness. This isn’t predictive, but it’s an important association to note.”
To view an infographic with data from the employment index, visit the CBIZ website.
Additional takeaways from the November SBEI include:
November’s snapshot:
Industries at-a-glance: Agriculture, Fishing and Hunting, Mining, and Transportation saw an uptick in hiring. Decreases were seen in Administrative and Support Services, Financial Services, and Not-for-Profit.
Geographical hiring: The West (
What’s next? As we head into 2025, it remains uncertain whether the new economic policies will positively influence the job market for small and middle-market businesses.
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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Alex Ortiz
Gregory FCA for CBIZ
Alexo@gregoryfca.com
610-228-2119
Source: CBIZ, Inc.