The CBIZ Small Business Employment Index (SBEI), a barometer for hiring trends that surveys labor data from over 4,000 companies employing 300 or fewer people, showed almost no change in hiring for February, registering a 0.09 percent month-over-month increase in employee headcounts.
“Seasonally adjusted, the SBEI for February saw a month-over-month increase in small business hiring of 0.17 percent. However, I’m not certain that this positive reading is nearly enough to stimulate optimism among small business owners,” says Philip Noftsinger president of CBIZ Employee Services Organization. “Weather, macroeconomic data and political concerns seem to be factors contributing to small business owners holding onto the employees they have and waiting for better signals before adding human capital.”
Wednesday’s jobs report from payroll processor ADP and Moody’s Analytics revealed that businesses added 214,000 new hires versus the 190,000 expected in February. Additionally, the report offered that January’s total was revised down to 193,000 new hires from 205,000 previously announced.