A barometer of hiring trends among small businesses edged up in May.
The CBIZ Small Business Employment Index (SBEI), a gauge of hiring trends among companies with 300 or fewer employees published by CBIZ Inc., Cleveland, Ohio, increased by 1.34% last month, following a rise of .05% in April.
The SBEI’s gain reflects a bounce in growth in employment and contrasts with a weak report on private sector job growth from ADP Employer Services. ADP’s May jobs survey shows the private sector added 133,000 jobs last month, which was below analysts’ estimates.
“Our report for May shows a healthy gain in employment for small businesses,” says Philip Noftsinger, business unit president for CBIZ Payroll Services, in a prepared statement. This is a welcomed, strong reading and indicates that the domestic economic growth we have seen continues to support the small business owner and his or her hiring.”