• Fri. Jun 14th, 2024

Small Business Hiring Surges in New York Despite Challenges, New Data Shows

BySamantha Jones

Mar 27, 2024
Small business hiring difficulties begin to ease as economy remains strong

Small businesses in New York are experiencing a surge in hiring, despite the challenges they face, 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.

The CBIZ index monitors hiring trends among thousands of companies with 300 or fewer employees across the country. Despite the 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.

Regionally, the West, Southeast

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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