Small business hiring difficulties begin to ease as economy remains strong

Small businesses in New York are experiencing an increase in hiring, according to the latest data from the CBIZ Small Business Employment Index. The index showed a seasonally adjusted increase of 0.17% in February, reflecting the overall strength of the U.S. economy despite high interest rates. Despite the challenges, small businesses seem to be holding on to their strength, with many expanding their workforces steadily in February. About 20% of companies in the index increased their staff, while 60% made no changes and 20% reduced staff.

Some industries saw gains in hiring, including administrative and support services, arts and entertainment, and technology and life sciences. Others, such as 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. These trends mirror the broader market, where U.S. employers added 275,000 jobs in February, surpassing expectations. This growth follows a revised gain of 229,000 jobs in January, highlighting the resilience of the U.S. economy amid high interest rates. Overall

By Sophia Gonzalez

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