Small Businesses Continue to Hire Despite Challenges in Retaining Workers

Challenges in small business hiring are starting to improve.

The U.S. economy is experiencing a steady increase in small business hiring, despite challenges in retaining workers due to low salaries and limited benefits such as health insurance. According to Anna Rathbun, chief investment officer of CBIZ, this growth is driven by the strength of the U.S. economy in the current high-interest-rate environment.

In February, the CBIZ Small Business Employment Index reported a seasonally adjusted increase of 0.17%, indicating that small businesses are expanding their workforces despite facing difficulties in retaining workers. The index monitors hiring activities among thousands of companies with 300 or fewer employees nationwide.

Some industries saw growth in hiring during February, including administrative and support services, arts, entertainment, recreation, and technology and life sciences. On the other hand, industries like accommodation and food services, insurance, and utilities experienced declines in hiring during this period.

Regionally, the West, Southeast, and Central regions witnessed slight increases in hiring during February while the Northeast region saw a slight decline. This trend among small businesses reflects broader market trends where U.S employers added 275,000 jobs in February surpassing expectations and demonstrating the resilience of the U

Sophia Reynolds

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