Small Business Hiring Concerns Ease in New York, U.S. Economy Remains Strong, CBIZ Survey Shows

Small businesses are experiencing relief in hiring challenges as the economy remains robust, reports ET Retail

Small businesses in New York may be seeing an improvement in hiring concerns, according to the CBIZ Small Business Employment Index. In February, there was a seasonally adjusted increase of 0.17%, indicating that the U.S. economy remains strong despite high interest rates. Despite their inability to offer competitive salaries and benefits like health insurance, small businesses often struggle to retain employees.

The CBIZ index monitors hiring trends among thousands of companies with 300 or fewer employees nationwide. Anna Rathbun, chief investment officer of CBIZ, noted that the unexpected strength of the U.S. economy has allowed small businesses to steadily expand their workforce in February. The index revealed that 20% of companies increased hiring, 60% made no changes to their staffing levels, and 20% reduced their workforce. Some industries, such as administrative services, arts, entertainment, and technology, saw hiring gains, while others like accommodations and food services experienced decreases. Regionally, the West, Southeast, and Central regions saw slight increases in hiring

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