Hiring challenges for small businesses improve as economy remains robust

The U.S. economy remains strong, despite the challenges of high interest rates, as shown by the CBIZ Small Business Employment Index which reported a seasonally adjusted increase of 0.17% in February. This positive trend in employment is particularly encouraging for small businesses that often struggle with retaining workers due to their inability to offer higher salaries or benefits like health insurance.

Small businesses have shown unexpected strength in expanding their workforce, according to Anna Rathbun, chief investment officer of CBIZ. In February, 20% of companies in the index hired more staff, while 60% maintained their headcounts and 20% cut staff. Certain industries saw gains in hiring, such as administrative and support services, arts, entertainment, and recreation, and technology and life sciences. On the other hand, decreases were observed in industries like accommodation and food services, insurance, and utilities.

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

By Samantha Johnson

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