Small Business Hiring Concerns in New York May Be Easing, According to CBIZ Report

Small businesses are experiencing relief in hiring challenges as the economy remains robust, reports ET Retail

The CBIZ Small Business Employment Index has revealed that hiring concerns for small businesses in New York may be starting to improve, according to Anna Rathbun, chief investment officer of CBIZ. In February, there was a seasonally adjusted increase of 0.17%, signaling that the U.S. economy remains strong despite high interest rates. Small businesses often struggle to retain employees due to their inability to offer competitive salaries and benefits like health insurance.

The unexpected strength of the U.S. economy has allowed small businesses to steadily expand their workforce in February, with 20% of companies increasing hiring, 60% making no changes to their staffing levels, and 20% reducing their workforce. Some industries, such as administrative services, arts, entertainment, and technology, saw hiring gains, while others like accommodations and food services experienced decreases. Regionally, the West, Southeast, and Central regions saw slight increases in hiring, while the Northeast saw a slight decline.

Small businesses’ performance in the job market aligns with the broader employment landscape in the U.S., where employers added 275,000 jobs in February, surpassing expectations. This growth reflects the U.S. economy’s resilience in the face of high interest rates

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