Small Businesses Thrive Despite High Interest Rates: Hiring Continues to Grow in U.S. Economy

By Eleanor Harrison Mar27,2024
Struggles in hiring for small businesses appear to be improving

Despite the high interest rates, the U.S. economy remains strong and small businesses are able to sustain this strength by steadily expanding their workforces, according to Anna Rathbun, the Chief Investment Officer of CBIZ. The CBIZ Small Business Employment Index showed that 20% of companies increased their staff in February, 60% maintained their headcounts, and 20% reduced staff.

Certain industries saw more hiring activity than others with sectors like administrative and support services, arts and entertainment, and technology and life sciences experiencing hiring gains while industries like accommodation and food services, insurance, and utilities witnessed decreases in employment. In terms of regional hiring patterns, the West, Southeast, and Central regions saw slight increases while the Northeast region saw a slight decline.

The positive trend in small business hiring aligns with the overall job growth in the U.S. economy as well. In February, U.S. employers added 275,000 jobs which surpassed expectations and displayed the economy’s resilience in the face of high-interest rates. This marked an increase from the previous month which saw the addition of 229,000 jobs.[

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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