Hiring made its strongest leap ever during June with figures showing significant growth among the nation’s small businesses, according to the CBIZ Small Business Employment Index (SBEI).
CBIZ reported a 2.11 percent month-over-month hiring increase, the highest SBEI reading since the index was begun. The firm noted that one-third (33 percent) of firms surveyed added employees while under half (48 percent) made no changes and fewer than one-fifth (19 percent) lowered their numbers. Additional industry benchmark experts ADP and Moody’s Analytics indicated that the number of jobs added in June, at 158,000, actually fell short of expectations, previously projected at 185,000.
CBIZ’s Philip Noftsinger expressed confidence in the figures and predicted that it boded well for the nation’s business climate.
“In the strongest report since the SBEI’s inception in June 2009, this month’s reading likely stems from a bullish mentality from small businesses as it pertains to the future of the domestic economy,” Noftsinger, who serves as CBIZ Employee Services Organization president, said. “This growth in hiring is a positive sign for the U.S. economy, despite the lack of fiscal policy changes we were promised. Nevertheless, continued increases in hiring through the remaining summer months and early fall could fuel GDP growth.”
Geographically, the Northeastern region of the U.S. showed the strongest surge (2.93 percent).
June is traditionally a strong month for hiring figures nationwide, CBIZ said, and while utilities and education witnessed some downsizing, the industries of arts and entertainment, construction, real estate, nonprofits, health care and professional services reflected substantial increases.
From its Cleveland, Ohio hub, CBIZ (Century Business Services Inc.) assists a broad spectrum of industries with payroll operations.