• Sat. May 25th, 2024

Small Businesses Optimistic Amid High Interest Rates: CBIZ Report Shows Slow Expansion of Workforces

BySamantha Nguyen

Mar 27, 2024
Hiring troubles for small businesses improve as economy remains robust

Despite high interest rates, the US economy continues to show strength and small businesses are gradually expanding their workforces. According to CBIZ’s Chief Investment Officer Anna Rathbun, the US has displayed unexpected resilience in the face of high interest rates. 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. 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 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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