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Small Business Employment Index Reports Positive Hiring Trends Amidst Retention Challenges

BySamantha Nguyen

Mar 27, 2024
Signs of Small Business Hiring Woes Easing Amid Strong Economy

Small businesses are showing signs of growth as the CBIZ Small Business Employment Index reports a slight increase in hiring for February. Despite facing challenges in retaining workers due to lower salaries and benefits, such as health insurance, the index shows 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.

According to Anna Rathbun, chief investment officer at 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.

Small business hiring trends varied across industries, with administrative and support services, arts, entertainment, and recreation, and technology and life sciences seeing more gains than others. On the other hand, industries like accommodation and food services, insurance, and utilities experienced decreases in hiring. Regionally, the West, Southeast, and Central regions saw slight increases in hiring while the Northeast region saw a slight decline.

The positive hiring trends for small businesses mirror those seen in the broader job market in February as U.S employers added 275

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

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