The CBIZ Small Business Employment Index (“SBEI”) reported its first decline following the initial reopening of the U.S. economy, with a seasonally adjusted decrease of 0.48%. Following hiring gains in June and July, this decline to close out the summer signals a possible pullback in small business hiring recovery. The CBIZ SBEI tracks payroll and hiring trends for over 3,400 companies that have 300 or fewer employees, providing broad insight into small business trends.
“The economy has proven volatile in the wake of COVID-19, and many analysts have debated the possibility of a V-shaped recovery, but this now appears unlikely,” said Philip Noftsinger, Executive Vice President, CBIZ, Inc.
