Hiring troubles for small businesses improve as economy remains robust

Despite high interest rates, the U.S. economy continues to show strength, with small businesses gradually expanding their workforces throughout February, according to the CBIZ Small Business Employment Index. The index monitors hiring trends among thousands of companies with 300 or fewer employees throughout the United States.

Small businesses often struggle to retain employees due to their inability to provide higher wages or additional benefits like health insurance. However, the CBIZ index reports that approximately 20% of companies increased their staff while 60% maintained the same headcounts and 20% reduced their staff numbers in February.

Certain industries are performing more favorably than others, with sectors such as administrative and support services, arts, entertainment, recreation, and technology and life sciences showing hiring growth while industries like accommodation and food services, insurance, and utilities experienced declines.

Regionally, the West, Southeast, and Central regions saw slight increases in hiring while the Northeast region faced a slight decrease. The hiring trends among small businesses mirror the broader market as U.S employers added 275,000 jobs in February – surpassing expectations and demonstrating the economy’s endurance despite high interest rates. This marks an increase from the 229,000 jobs gained in January of the same year.

By Riley Johnson

As a content writer at newsmol.com, I dive into the depths of information to craft compelling stories that captivate and inform readers. With a keen eye for detail and a passion for storytelling, I strive to create engaging content that resonates with our audience. Whether it's breaking news, in-depth features, or thought-provoking opinion pieces, I am dedicated to delivering high-quality, informative content that keeps readers coming back for more. My goal is to bring a fresh perspective to every article I write and to make a meaningful impact through the power of words.

Leave a Reply