• Fri. May 24th, 2024

Small Businesses Steadily Expanding: Positive Developments in Hiring Trends Amid High Interest Rates

BySamantha Nguyen

Mar 27, 2024
Small businesses experience less difficulty in hiring as the economy remains robust

The U.S. economy has shown unexpected strength in the face of high interest rates, with small businesses steadily expanding their workforce during February, according to the CBIZ Small Business Employment Index. This positive development indicates that hiring woes may be easing for small businesses across the country.

Small businesses often struggle to retain workers due to their inability to offer higher salaries or additional benefits like health insurance. The CBIZ index monitors hiring trends among thousands of companies with 300 or fewer employees nationwide.

Certain industries have seen better hiring results than others, with sectors such as administrative and support services, arts, entertainment and recreation, as well as technology and life sciences reporting hiring gains, while industries like accommodation and food services, insurance, and utilities experienced decreases. Regionally, the West, Southeast, and Central regions saw slight increases in hiring, while the Northeast region saw a slight decline in employment growth.

These trends in the small business sector are reflective of the broader market, as U.S. employers added 275,000 jobs in February, surpassing expectations and demonstrating the resilience of the U.S. economy despite high interest rates. February’s job growth marked an improvement from the revised gain of 229,000 jobs in January.

According to Anna Rathbun, chief investment officer of CBIZ, this development is particularly noteworthy because it suggests that small businesses are becoming more confident about their ability to grow and expand despite high interest rates.

Overall

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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