• Sat. May 18th, 2024

Small Businesses See Positive Trends in Hiring as U.S. Economy Thrives Despite High Interest Rates: CBIZ Data Shows

BySamantha Jones

Mar 27, 2024
Hiring challenges for small businesses improving with continued economic strength

According to the latest data from the CBIZ Small Business Employment Index, hiring conditions for small businesses may be improving. In February, there was a seasonally adjusted increase of 0.17%, indicating that small businesses are slowly adding to their workforce as the U.S. economy continues to perform well despite high interest rates.

Small businesses often struggle to retain employees as they are unable to offer competitive salaries or benefits like health insurance. The CBIZ index monitors hiring trends among thousands of companies with 300 or fewer employees across the country.

Anna Rathbun, the chief investment officer of CBIZ, explains that the unexpected strength of the U.S. economy is reflected in the steady expansion of small business workforces in February. Approximately 20% of companies in the index hired more employees, while 60% maintained their current headcounts and 20% reduced staff.

Certain industries are faring better than others in terms of hiring, with sectors such as administrative and support services, arts and entertainment, and technology and life sciences experiencing gains. Conversely, industries like accommodation and food services, insurance, and utilities saw decreases in hiring.

Regionally, the West, Southeast, and Central regions saw slight increases in hiring

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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