Small business hiring difficulties begin to ease as economy remains strong

New York’s small businesses appear to be finding it easier to hire, according to the latest data from the CBIZ Small Business Employment Index. Despite challenges such as high interest rates, many small businesses are expanding their workforces steadily. The index showed a seasonally adjusted increase of 0.17% in February, reflecting the overall strength of the U.S. economy.

Small businesses often struggle with retaining employees due to their inability to offer competitive salaries and benefits like health insurance. However, despite these challenges, many small businesses seem to be holding on to their strength. About 20% of companies in the index increased their staff, while 60% made no changes and 20% reduced staff.

The CBIZ index monitors hiring trends among thousands of companies with 300 or fewer employees across the country. Some industries saw gains in hiring, including administrative and support services, arts and entertainment, and technology and life sciences. Others experienced decreases in hiring, such as accommodation and food services, insurance, and utilities.

Regionally, the West, Southeast, and Central regions saw slight increases in hiring, while the Northeast region saw a slight decline. These trends mirror broader market trends where U.S employers added 275,000 jobs in February

By Samantha Johnson

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