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Small business hiring difficulties begin to ease as economy remains strong

Small businesses in New York are facing fewer challenges when it comes to hiring, according to the latest data from the CBIZ Small Business Employment Index. In February, there was a seasonally adjusted increase of 0.17%, reflecting the overall strength of the U.S. economy despite high interest rates. Despite their inability to offer competitive salaries and benefits like health insurance, small businesses seem to be holding on to their strength, with many expanding their workforces steadily.

According to the index, about 20% of companies increased their staff, while 60% made no changes and 20% reduced staff. Some industries saw gains in hiring, including administrative and support services, arts and entertainment, and technology and life sciences. Others experienced decreases, such as accommodation and food services, insurance, and utilities.

Regionally, the West, Southeast, and Central regions saw slight increases in hiring, while the Northeast region saw a slight decline. These trends mirror the broader market, where U.S. employers added 275,000 jobs in February, surpassing expectations. This growth follows a revised gain of 229,000 jobs in January.

The data suggests that small businesses are optimistic about the future and actively seeking to expand their workforces.

By Samantha Jones

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