Hiring troubles for small businesses improve as economy remains robust

Small Businesses Thriving Despite High Interest Rates: U.S Employment Index Shows Gradual Expansion in February

Despite high interest rates, the US economy has shown strength and resilience, with small businesses gradually expanding their workforces in February. The CBIZ Small Business Employment Index reported a seasonally adjusted increase of 0.17%, indicating that hiring challenges may be easing for small businesses.

Small businesses often struggle to retain employees due to their inability to provide higher wages or additional benefits like health insurance. However, the index monitors hiring trends among thousands of companies with 300 or fewer employees throughout the United States and shows that industries such as administrative and support services, arts, entertainment, recreation, and technology and life sciences showed hiring growth.

Meanwhile, sectors like accommodation and food services, insurance, and utilities experienced declines. Regionally, the West, Southeast, and Central regions saw slight increases in hiring while the Northeast region faced a slight decrease. This marks an increase from the 229,000 jobs gained in January of the same year as U.S employers added 275,000 jobs in February – surpassing expectations and demonstrating the economy’s endurance despite high interest rates.

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