Small Business Hiring Sees Growth in December
The CBIZ Small Business Employment Index Points to Strong Employment Rebound
“December is typically a month where we see positive hiring trends due to the holiday season, and this month was especially strong,” said
The ADP and Moody’s employment report indicated growth in hiring among small, medium-sized and large companies. Its December reading showed an overall increase of 807,000 private-sector jobs for the month, an improvement from the November report. Small businesses accounted for 204,000 of those new jobs on a seasonally adjusted, month-over-month basis. The ADP and Moody’s report counts small businesses as companies with 49 or fewer employees, while the CBIZ SBEI uses data from companies with 300 employees or fewer.
The CBIZ SBEI reported hiring growth in all four regions measured. The West (
On an industry level, the most notable increases were seen in Insurance, Non-profit, Financial Services, Healthcare, Construction, and Retail. Education and Agriculture experienced hiring declines.
“The December reading points to a positive indicator that the labor shortage is waning,” added Noftsinger. “The continued increase in COVID-19 cases could cause a slowdown in the momentum we’re seeing, but with the adoption of booster vaccines and the increased availability of treatments to mitigate severe symptoms, employees are likely to feel more confident returning to work.”
To view an infographic with data from the employment index, visit the CBIZ website.
Additional takeaways from the December SBEI include:
December’s snapshot:
Industries at a glance: Hiring gains were seen in Insurance, Non-profit, Financial Services, Healthcare, Construction, and Retail. Meanwhile, declines were reported in Education and Agriculture.
Geographical hiring: The Central (
What’s next? Small businesses are growing their workforces despite the labor shortage and pandemic-related economic volatility. In 2022, this momentum should continue as other factors like supply chain issues and stagflation abate.
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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