• Wed. May 29th, 2024

Small Businesses Optimistic About Hiring Despite High Interest Rates

BySamantha Nguyen

Mar 27, 2024
Hiring challenges for small businesses improving with continued economic strength

Small businesses are slowly adding to their workforce as the U.S. economy continues to perform well despite high interest rates, according to the latest data from the CBIZ Small Business Employment Index. In February, there was a seasonally adjusted increase of 0.17%, indicating that small businesses are becoming more optimistic about hiring conditions.

Small businesses often struggle to retain employees due to their inability to offer competitive salaries or benefits like health insurance. The CBIZ index monitors hiring trends among thousands of companies with 300 or fewer employees across the country.

According to Anna Rathbun, the chief investment officer of CBIZ, the unexpected strength of the U.S. economy is reflected in the steady expansion of small business workforces in February. Approximately 20% of companies in the index hired more employees, while 60% maintained their current headcounts and 20% reduced staff.

Certain industries are faring better than others in terms of hiring, with sectors such as administrative and support services, arts and entertainment, and technology and life sciences experiencing gains. Conversely, industries like accommodation and food services, insurance, and utilities saw decreases in hiring.

Regionally, the West, Southeast, and Central regions saw slight increases in hiring, while the Northeast region experienced a slight decline. This trend in small business hiring aligns with the broader market, as U.S

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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