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Small Business Hiring May Be Up, Despite Disappointing National Jobs Data
Written by Tim Morral
The March CBIZ Index shows the largest month-over-month SMB employment gain since June 2010.
According to the CBIZ Small Business Employment Index (SBEI), the small business community is experiencing significant gains in employment -- even though the U.S. Department of Labor's March job figures revealed slower than expected job growth for the economy as a whole.
Leveraging data from companies with 300 or fewer employees, the CBIZ Index showed that SMB employment increased by 1.66 percent during the month of March, substantially outpacing the .25 percent job growth reported in February.
Philip Noftsinger, business unit president for CBIZ Payroll Services, said, "This is the highest month-over-month growth since June 2010, and represents a growing trend across the marketplace that employment is healing at all levels. In addition, the number of firms adding workers versus no change or reductions was solid as well, demonstrating a broader based increase. We now have a solid trend in employment going into the spring."
In other findings, 28% of SMBs reported increasing employee headcount, while only 18% decreased staffing levels. However, many small business employers will look to April and May hiring figures to confirm the vitality of the current hiring trend.
"While our March report shows a 1.66 percent growth in small business employment, continued increases in the prices of fuel could lead to more guarded hiring, as costs to employers increase. We will watch closely to determine if the growth is sustainable given future cost pressures on small business seem likely," said Noftsinger.
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