Small Businesses Defy High Interest Rates, Continue to Expand Workforce: February CBIZ Small Business Employment Index Report

By Eleanor Harrison Mar27,2024
Easing of Small Business Hiring Challenges Indicates Continued Economic Strength

Despite the current economic conditions, including high interest rates, small businesses are continuing to expand their workforce. The latest data from the CBIZ Small Business Employment Index shows a seasonally adjusted increase of 0.17% in February. This growth in job numbers is a testament to the resilience of the U.S. economy and mirrors the broader market, as U.S. employers added 275,000 jobs in February, exceeding expectations.

One of the challenges small businesses face in hiring and retaining employees is their inability to offer competitive salaries or benefits like health insurance. However, according to Anna Rathbun, the chief investment officer of CBIZ, this challenge may be easing as small business hiring continues to grow steadily despite high interest rates. In February, 20% of companies in the index increased their staff, while 60% maintained their current headcounts and 20% reduced staff numbers.

Different industries are experiencing varying levels of hiring activity, with sectors like administrative and support services, arts, entertainment, and technology and life sciences seeing gains. Conversely, industries such as accommodation and food services, insurance

By Eleanor Harrison

As a content writer at, I infuse flavor into words, crafting compelling stories that captivate and inform our audience. With a keen eye for detail and a passion for creativity, I strive to create content that not only engages but also inspires. Whether I'm concocting a savory blog post or whipping up a spicy product description, I pour my heart and soul into every piece I write. Join me on this flavorful journey as we explore the tantalizing world of content creation together.

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