Hiring troubles for small businesses improve as economy remains robust

Despite high interest rates, the U.S. economy continues to show strength, with small businesses gradually expanding their workforces throughout February. The CBIZ Small Business Employment Index reported a seasonally adjusted increase of 0.17% in February, indicating that hiring challenges may be easing for small businesses in the U.S.

Small businesses often struggle to retain employees due to their inability to provide higher wages or additional benefits like health insurance. The CBIZ index monitors hiring trends among thousands of companies with 300 or fewer employees throughout the United States. According to CBIZ’s Chief Investment Officer Anna Rathbun, small businesses are capitalizing on this strength, gradually expanding their workforces throughout February. Approximately 20% of companies in the index increased their staff, while 60% maintained the same headcounts. Meanwhile, 20% reduced their staff numbers.

Certain industries are performing more favorably than others. Sectors such as administrative and support services, arts, entertainment, recreation, and technology and life sciences showed 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

By Aiden Johnson

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