Improvement in Small Business Hiring Challenges as Economy Remains Robust

Economic Uncertainty? No Problem: Small Businesses Find Ease in Hiring Amid High Interest Rates

Small Businesses Finding Easier Hiring Despite High Interest Rates

Small businesses across the country are experiencing continued strength in the U.S. economy, despite high interest rates, according to a report from CBIZ Small Business Employment Index. The index showed a 0.17% increase in February, indicating that small businesses are steadily expanding their workforce.

Despite facing challenges such as limited budgets and difficulty offering higher salaries or additional benefits like health insurance, small businesses are finding it easier to hire new employees due to the unexpected strength of the U.S. economy. According to Anna Rathbun, chief investment officer of CBIZ, this trend is being driven by factors such as low unemployment rates and an aging workforce that is retiring at a slower rate than expected.

The CBIZ index monitors hiring trends among thousands of companies with 300 or fewer employees across the country. In February, about 20% of companies increased their staffing levels while 60% kept their headcounts the same and 20% reduced staff numbers. Certain industries saw hiring gains during this period, including administrative and support services, arts and recreation, and technology and life sciences, while industries such as accommodation and food services, insurance, and utilities experienced decreases in hiring levels.

The trend in small business hiring is consistent with broader market trends where U.S employers added 275,000 jobs in February surpassing expectations . This robust job growth showcases the resilience of the U.S economy despite high interest rates. The increase in February followed a revised gain of 229


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