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Small businesses experience less difficulty in hiring as the economy remains robust

Despite high interest rates, the U.S. economy remains strong and small businesses are steadily expanding their workforce, according to the CBIZ Small Business Employment Index. This positive development indicates that hiring woes may be easing for small businesses across the country.

Small businesses often struggle to retain workers due to their inability to offer higher salaries or additional benefits like health insurance. The CBIZ index monitors hiring trends among thousands of companies with 300 or fewer employees nationwide.

In February, 20% of companies in the index increased their staff, while 60% maintained their current headcounts. Additionally, 20% of companies decreased their staff numbers during the same period. According to Anna Rathbun, chief investment officer of CBIZ, this unexpected strength in the high interest rate environment has enabled small businesses to expand their workforce during the month of February.

Certain industries have seen better hiring results than others. Sectors such as administrative and support services, arts, entertainment and recreation, as well as technology and life sciences reported hiring gains, while industries like accommodation and food services, insurance, and utilities experienced decreases. Regionally, the West, Southeast, and Central regions saw slight increases in hiring

By Samantha Jones

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