Signs of Small Business Hiring Woes Easing Amid Strong Economy

Small Business Hiring Trends: A Sign of a Strong U.S. Economy despite Challenges for Retention

In February, the CBIZ Small Business Employment Index reported a slight increase in hiring for small businesses across the country. Despite the challenges that small businesses face in retaining workers due to their inability to offer higher salaries and benefits like health insurance, the index showed a seasonally adjusted increase of 0.17%. This positive trend reflects the overall strength of the U.S. economy, which has been performing well even in the face of high interest rates.

The index tracks hiring 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 evident in the steady expansion of small business workforces in February. While 20% of companies in the index added more staff, 60% made no changes to their headcounts, and 20% reduced their staff.

Certain industries saw more hiring gains than others, including administrative and support services, arts, entertainment, and recreation, and technology and life sciences. On the other hand, industries like accommodation and food services, insurance, and utilities experienced decreases in hiring. Regionally, the West, Southeast

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