Small Businesses in New York Seeing Hiring Improvement, According to CBIZ Small Business Employment Index

By Eleanor Harrison Mar27,2024
Small businesses are experiencing relief in hiring challenges as the economy remains robust, reports ET Retail

Despite high interest rates, small businesses in New York may be starting to see improvement in their hiring concerns, according to the CBIZ Small Business Employment Index. In February, there was a seasonally adjusted increase of 0.17%, signaling that the U.S. economy remains strong.

Small businesses often struggle to retain employees due to their inability to offer competitive salaries and benefits like health insurance. 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, while the Northeast saw a slight decline.

The performance of small businesses in the job market aligns with the broader employment landscape in the U.S., where employers added 275,000 jobs in February, surpassing expectations

By Eleanor Harrison

As a content writer at newseasoning.com, 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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