Despite high interest rates, small businesses are expanding their workforces in the strong U.S. economy, according to the CBIZ Small Business Employment Index. In February, there was a seasonally adjusted increase of 0.17%, indicating that small businesses are confident in their ability to grow and hire new employees.
Small businesses often struggle to retain workers due to their inability to offer higher salaries or benefits like health insurance. However, the CBIZ index tracks hiring trends among thousands of companies with 300 or fewer employees nationwide and shows that this issue may be starting to ease.
In February, 20% of companies in the index hired more staff, while 60% made no changes to their headcounts and 20% cut staff. Some industries, such as administrative and support services, arts, entertainment, recreation, and technology and life sciences, saw hiring gains. On the other hand, industries like accommodation and food services, insurance, and utilities experienced decreases in hiring.
Regionally, the West, Southeast
