Small businesses experience less difficulty in hiring as the economy remains robust

Small Business Hiring Surges Amid Unexpected Economic Strength: Insights from the CBIZ Small Business Employment Index

The U.S. economy has shown unexpected strength in the current high interest rate environment, allowing small businesses to steadily expand their workforce, according to the CBIZ Small Business Employment Index. This positive development indicates that hiring woes may be easing for small businesses across the country.

Small businesses often struggle to retain workers due to their inability to offer higher salaries or additional benefits like health insurance. The CBIZ index monitors hiring trends among thousands of companies with 300 or fewer employees nationwide.

In February, 20% of companies in the index increased their staff, while 60% maintained their current headcounts. Additionally, 20% of companies decreased their staff numbers during the same period.

Certain industries have seen better hiring results than others. Sectors such as administrative and support services, arts, entertainment and recreation, as well as technology and life sciences reported hiring gains, while industries like accommodation and food services, insurance, and utilities experienced decreases.

Regionally, the West, Southeast, and Central regions saw slight increases in hiring, while the Northeast region saw a slight decline in employment growth. These trends in the small business sector are reflective of the broader market, as U.S. employers added 275,000 jobs in February, surpassing expectations and demonstrating the resilience of the U.S. economy despite high interest rates

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