Small business hiring difficulties begin to ease as economy remains strong

Small Business Hiring on the Rise in New York despite High Interest Rates: CBIZ Small Business Employment Index Reveals

Amid high interest rates, hiring for small businesses in New York appears to be on the rise, according to the latest data from the CBIZ Small Business Employment Index. The index showed a seasonally adjusted increase of 0.17% in February, reflecting the overall strength of the U.S. economy despite challenges. Despite their inability to offer competitive salaries and benefits like health insurance, small businesses are holding on to their strength, with many expanding their workforces steadily in February.

In fact, about 20% of companies in the index increased their staff, while 60% made no changes and 20% reduced staff. Some industries saw gains in hiring, including administrative and support services, arts and entertainment, and technology and life sciences. Others, such as accommodation and food services, insurance, and utilities, experienced decreases. These trends mirror the broader market where U.S. employers added 275,000 jobs in February, surpassing expectations after a revised gain of 229,000 jobs in January – highlighting the resilience of the U.S economy amid high interest rates. Overall, these findings suggest that small businesses are optimistic about the future and actively seeking to expand their workforces

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