Hiring challenges for small businesses improve as economy remains robust

The U.S. economy remains strong, despite the challenges of high interest rates. Small businesses are showing unexpected strength in expanding their workforce, according to Anna Rathbun, chief investment officer of CBIZ. In February, 20% of companies in the CBIZ Small Business Employment Index hired more staff, while 60% maintained their headcounts and 20% cut staff.

Small businesses often struggle with retaining workers due to their inability to offer higher salaries or benefits like health insurance. However, this index tracks hiring among thousands of companies with 300 or fewer employees across the country and shows a positive trend in employment. Certain industries saw gains in hiring, such as administrative and support services, arts, entertainment, and recreation, and technology and life sciences. On the other hand, decreases were observed in industries like accommodation and food services, insurance, and utilities.

Regionally, the West, Southeast

By Riley Johnson

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