CBIZ Small Business Employment Index reveals job decline in January

The CBIZ Small Business Employment Index (SBEI), which tracks employment trends at thousands of companies with 300 or fewer employees across the United States, showed a seasonally adjusted 0.12% decline in January. January’s report is within expectations, as this is the month when companies make furlough-related layoffs.

In January, 14% of companies included in the index increased headcount, 58% kept the number of employees unchanged, and 28% reduced total employment. Positive gains were in the government, information and management sectors. Management and Support Services. Arts, Entertainment and Recreation. Job losses occurred in technology and life sciences.

On a regional basis, the Northeast (-0.14%), Southeast (-0.12%) and Central (-0.11%) regions showed losses, followed by the West (-0.08%). Small businesses may enter 2024 with caution as the competition for skilled labor continues to evolve.

Anna Rathbun is Chief Investment Officer at CBIZ Inc.

Copyright © 2024 CBIZ, Inc. All rights reserved. The contents of this document 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. Readers are encouraged to consult their tax professional before taking any action based on this information. CBIZ assumes no responsibility for the use of this information and does not undertake any obligation to inform readers of changes in tax laws or other factors that may affect the information contained herein.