The CBIZ Small Business Employment Index (SBEI), a barometer for hiring trends among companies with 300 or fewer employees, increased by .05 percent during April, following an increase of 1.66 percent in March. The uptick reflects the prognosis for sluggish growth in employment and follows a disappointing report on private sector job growth from ADP.
ADP’s April jobs survey that illustrated that the private sector added 119,000 jobs last month, which was below estimates.
CBIZ Payroll Services manages payroll services for more than 3,000 businesses that employ fewer than 300 people. The survey reflects a broad array of industries and geographies corresponding to the markets across the United States where CBIZ provides services. The data represented by the CBIZ Small Business Employment Index is derived from a segment of employers not wholly accounted for by the ADP and Federal BLS employment reports.
Philip Noftsinger, business unit president for CBIZ Payroll Services, offered, “The April CBIZ SBEI shows no material gain in employment. However, the data did show an increase of .05 percent for companies processing payrolls in both March and April 2012. As we look across the economy overall, this result is consistent with other metrics we are following.”Additional take-away points from the April data include:
- At-a-glance: Of the companies surveyed, the data shows that 22 percent reported an increase in employee headcount while 25 percent decreased staffing. 53 percent of the companies involved in the survey maintained their number of employees.
- Small business sector: Recent BLS data sets have shown a deceleration in hiring at all levels and it would appear that small businesses are matching that trend.
- What-to-watch: With so much attention being placed on new business, the small business owner is finely tuned to capacity needs related to imminent demand. There is very little hiring in anticipation of longer range prospective demand.
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