Although small-business hiring dropped by 0.89 percent during October, it represents a slight recovery after a decline of 2.55 percent in September, according to the CBIZ Small Business Employment Index, a barometer measuring hiring trends for more than 3,500 companies with 300 or fewer employees.
This metric comes soon after ADP's October jobs survey that showed the private sector created 158,000 jobs, which is higher than analysts' estimates and September's revised tally of 114,000 new jobs.
"Although the actual SBEI metric shows a decline of 0.89 percent, the number of companies hiring exceeded those decreasing employment," says Philip Noftsinger, business unit president for CBIZ Payroll Services. "At a minimum, we can view this month's numbers as stable in terms of small-business employment levels, but the number of firms hiring is encouraging."
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