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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CBIZ Inc | NYSE:CBZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.88 | 1.18% | 75.49 | 75.56 | 74.63 | 74.65 | 43,831 | 17:52:49 |
The CBIZ Main Street Index found while 81% of small and mid-sized business owners report a negative view of the economy, most believe they can confront the upcoming challenges
CBIZ, Inc. (NYSE: CBZ), a leading provider of financial, insurance and advisory services, has released the Q4 2022 CBIZ Main Street Index, which takes the pulse of and gauges the outlook for small and mid-sized businesses (SMBs). The results reveal the majority of business owners expect a recession to affect their operations in the coming months but remain optimistic about their ability to navigate the changing environment.
The CBIZ Business Confidence Study, a weighted average of responses to the Index’s business confidence-focused questions, rose nearly seven points from the second to third quarter to a score of 67. The Index showed while four in five business owners expect a recession, 71% remain positive in their ability to respond to a downturn. Most businesses continue to combat multiple challenges brought on by the pandemic and labor market conditions, including 75% which experienced a staffing shortage of some kind.
The Index, which was conducted between September 12 and September 30, analyzed responses from more than 1,100 Main Street businesses with fewer than 100 employees in 27 industries across the U.S.* The index assesses a range of timely trends, including business sentiment, staffing needs, areas of growth and decline, and adapting to a changing workplace.
“Despite the expectation of a recession, small to mid-sized businesses have seen increased profits and revenues, leading to increased confidence,” said Anna Rathbun, Chief Investment Officer of CBIZ Investment Advisory Services. “Main Street has shown to be resilient in the face of conditions produced by the pandemic, notably inflation. Our data shows these companies are now preparing to weather a potential downturn in the economy.”
The data was assessed from an overall perspective, as well as based on company size, region and industry. An interactive infographic with the results is available on the CBIZ website. Key findings include:
Rathbun added, “The increase of employee turnover is forcing SMBs to take more action to retain their talent. Our survey shows this is a common theme among small to mid-sized businesses and will likely persist despite possible layoffs in some sectors brought on by a recession.”
*Note: Not all those surveyed in the CBIZ Main Street Index are clients of CBIZ.
About CBIZ
CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services, including accounting, tax, financial advisory, government health care consulting, risk advisory, real estate consulting and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting and executive recruitment. As one of the largest accounting, insurance brokerage and valuation companies in the United States, the Company’s services are provided through more than 100 Company offices in 33 states. For more information, visit www.cbiz.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221018005285/en/
Media Contact Rocco Aloe Gregory FCA for CBIZ, Inc. CBIZ@GregoryFCA.com 610-860-2075
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