Tue. Jun 25th, 2024
Improvement in Small Business Hiring Challenges as Economy Remains Robust

The U.S. economy continues to show strength despite high interest rates, as small businesses are finding it easier to hire new employees, according to the CBIZ Small Business Employment Index. The index recorded a 0.17% increase in February, indicating that small businesses are able to expand their workforce despite facing challenges such as lower salaries and limited benefits.

Anna Rathbun, the chief investment officer of CBIZ, attributes this unexpected strength to the resilience of the U.S. economy, which has allowed small businesses to steadily grow their workforce during February. About 20% of companies in the index increased their staffing levels in February, while 60% kept their headcounts the same and 20% reduced staff numbers.

The CBIZ index monitors hiring trends among thousands of companies with 300 or fewer employees across the country. While some industries experienced gains in hiring, others saw decreases. For example, industries like administrative and support services, arts and recreation, and technology and life sciences saw hiring gains, while industries like accommodation and food services, insurance, and utilities saw decreases.

Regional differences were also noted, with the West, Southeast, and Central regions experiencing slight hiring increases, while the Northeast region experienced a slight decline. This trend in small business hiring mirrors the broader market where U.S employers added 275

By Aiden Nguyen

As a content writer at newscholarly.com, I delve into the realms of storytelling with the power of words. With a knack for research and a passion for crafting compelling narratives, I strive to bring forth engaging and informative articles for our readers. From decoding complex concepts to unraveling current events, I aim to captivate and educate through the art of writing. Join me on this journey as we explore the ever-evolving landscape of news and knowledge together.

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