Small businesses in New York are finding it easier to hire, 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 high interest rates.
Small businesses typically have a harder time retaining employees due to their inability to offer competitive salaries and benefits like health insurance. However, despite these challenges, small businesses seem to be holding on to their strength, with many expanding their workforces steadily in February. 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. This growth follows a revised gain of 229,000 jobs in January, highlighting the resilience of the U.S. economy amid high interest rates. Overall, the data suggests that small businesses are optimistic about the future and are actively seeking to expand their workforces.
Regionally, small businesses in New York appear to be benefiting from this trend as well. In fact