Small Businesses Hiring More Amid High Interest Rates, CBIZ Reports.

Hiring troubles for small businesses improve as economy remains robust

Despite high interest rates, the US economy is showing strength and small businesses are beginning to hire more. According to CBIZ’s Chief Investment Officer Anna Rathbun, the country’s economy has displayed unexpected resilience in the face of high interest rates. This is good news for small businesses who often struggle to retain employees due to their inability to provide higher wages or additional benefits like health insurance.

The CBIZ Small Business Employment Index reported a seasonally adjusted increase of 0.17% in February, indicating that hiring challenges may be easing for small businesses in the U.S. Approximately 20% of companies in the index increased their staff, while 60% maintained the same headcounts. Meanwhile, 20% reduced their staff numbers.

Certain industries are performing more favorably than others. Sectors such as administrative and support services, arts, entertainment, recreation, and technology and life sciences showed hiring growth, while industries like accommodation and food services, insurance, and utilities experienced declines. Regionally, the West, Southeast, and Central regions saw slight increases in hiring, while the Northeast region faced a slight decrease.

Small businesses are capitalizing on this strength, gradually expanding their workforces throughout February. The hiring trends among small businesses mirror the broader market

Sophia Reynolds

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