-Slight growth remains consistent with past years-
CLEVELAND -- (Business Wire)
Small Business Employment Index (SBEI), a barometer for hiring
trends for more than 3,500 companies with 300 or fewer employees,
increased by .20 percent during February, following a decrease of 2.37
percent in January.
In comparison, ADP’s February jobs survey illustrated that the private
sector added 198,000 jobs, considerably exceeding analysts’ estimates of
170,000 jobs, but falling short of January’s tally, which was revised
upward to 215,000 added jobs.
“Our SBEI returned to positive territory in February, showing
consistency with a gradually improving economy and a slowly improving
job market,” says Philip Noftsinger, business unit president for CBIZ
To view and/or use a graphic illustration that tracks and illustrates
the employment index, visit
our blog here.¹
Additional take-away points from the February data set include:
- At-a-glance: Of the companies surveyed, 23 percent increased
staffing while 24 percent decreased employee headcounts and 53 percent
maintained their number of employees.
- Small business sector: Trends for the past three years all show
a small .2 percent growth in small business employment for this time
period, so 2013 is very consistent with data from prior years.
- What to watch: As the economy continues to gain momentum, we
will watch to see if jobs become a larger factor in that growth. There
are still many uncertainties that may be affecting the decision to
invest in labor, such as the sequester and the talk of more tax
increases in conjunction with those job losses.
“Certainly, large companies like Boeing reducing their workforce draw
national attention, but growth enjoyed by the automakers and the trend
of re-shoring manufacturing jobs should more than compensate for an
adjustment by one particular industry in terms of total employment,”
says Noftsinger. “In regards to other national news affecting regional
employers, damage from Hurricane Sandy has probably reached a stage
where it’s accretive to the job market rather than dilutive.”
CBIZ Payroll Services manages payroll services for more than 3,500
businesses. Its Index reflects a broad array of industries and
geographies corresponding to the markets across the United States where
CBIZ provides human capital services. The data represented by the SBEI
is derived from a segment of employers not completely accounted for by
the ADP and Federal BLS employment reports.
(1) The SBEI illustration is licensed under a Creative Commons
Attribution-NoDerivs 3.0 Unported License. Based on a work at http://blog.cbiz.com.
CBIZ, Inc. provides professional business services that help clients
better manage their finances and employees. CBIZ provides its clients
with financial services including accounting, tax and consulting,
internal audit, merger and acquisition advisory and valuation services.
Employee services include employee benefits consulting, property and
casualty insurance, retirement plan consulting, payroll, life insurance,
HR consulting, and executive recruitment. CBIZ also provides outsourced
technology staffing and support services, healthcare consulting, and
medical practice management. As one of the largest benefits specialists
and one of the largest accounting, valuation, and medical practice
management companies in the United States, the Company’s services are
provided through more than 130 Company offices in 37 states. Visit our
website at www.cbiz.com
and our blog, “Human Capitalizing,” at http://blog.cbiz.com.
FCA for CBIZ,
Jimmy Moock, 610-228-2125
Source: CBIZ, Inc.
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