• Fri. Jun 14th, 2024

Small Businesses Thrive in a Strong U.S. Economy, Despite High Interest Rates

BySamantha Jones

Mar 27, 2024
Hiring troubles for small businesses improve as economy remains robust

Despite the high interest rates, small businesses are showing strength in the U.S. economy, with a seasonally adjusted increase of 0.17% in hiring in 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, indicating that hiring challenges may be easing for small businesses.

The resilience of the U.S. economy has been surprising, with small businesses capitalizing on this strength and gradually expanding their workforces in February. Approximately 20% of companies increased their staff while 60% maintained the same headcounts, and 20% reduced their staff numbers.

Certain industries are performing better 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. This mirrors broader market trends as U.S employers added 275,000 jobs in February – surpassing expectations and demonstrating the endurance of the economy despite high interest rates – an increase from the 229,000 jobs gained in January of the same year

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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