Hiring challenges for small businesses improve as economy remains robust

Small Businesses Thrive as U.S. Economy Reports Unexpected Strength in Employment

As the U.S. economy continues to thrive, small businesses are showing unexpected strength in expanding their workforce, according to Anna Rathbun, chief investment officer of CBIZ. The CBIZ Small Business Employment Index reported a seasonally adjusted increase of 0.17% in February, indicating that hiring woes may be easing for small businesses. Despite challenges such as high interest rates and difficulty retaining workers due to lower salaries and benefits like health insurance, the index shows a positive trend in employment among thousands of companies with 300 or fewer employees across the country.

Certain industries have seen gains in hiring, including administrative and support services, arts, entertainment, and recreation, and technology and life sciences. On the other hand, decreases were observed in industries like accommodation and food services, insurance, and utilities. Regionally, the West, Southeast, and Central regions saw slight increases in hiring while the Northeast region experienced a slight decline. This small business trend reflects the broader market in the U.S., where employers added 275,000 jobs in February, surpassing expectations by over 46 thousand jobs from January’s revised gain of 229,000 jobs.

Overall, this job growth represents an improvement from a revised gain of 229

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