Small Businesses in New York See Positive Changes in Hiring Concerns Despite High Interest Rates

Small businesses are experiencing relief in hiring challenges as the economy remains robust, reports ET Retail

Small businesses in New York may be starting to see improvements 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 despite high interest rates. 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.

Small businesses often struggle to retain employees due to their inability to offer competitive salaries and benefits like health insurance. However, this latest report suggests that small businesses may be able to hire more workers as they expand their operations in response to the growing demand for goods and services in the U.S economy

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