The CBIZ Small Business Employment Index (SBEI), which tracks hiring trends among thousands of companies across the U.S. with 300 or fewer employees, reported a second straight month of hiring decreases in October, coming in with a seasonally-adjusted decrease of 1.25%.

In October, 18% of companies in the index increased staffing, 58% made no change to the headcount, and 24% reduced employment totals. Education Services, Healthcare, and Insurance experienced hiring gains. Meanwhile, decreases were seen in Arts, Entertainment and Recreation, Rental and Leasing Services, and Technology and Life Sciences.

On a regional basis, Northeast (-1.64%), Central (-1.32%), Southeast (-0.84%) and West (-0.80%) regions all experienced declines in hiring. The data points to a shift in consumer spending as discretionary spending declines.

Anna Rathbun is Chief Investment Officer, CBIZ Inc.

Copyright © 2023, CBIZ, Inc. All rights reserved. Contents of this publication may not be reproduced without the express written consent of CBIZ. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.