• Wed. May 22nd, 2024

Small Businesses in New York on the Hiring Spree Despite Challenges

BySamantha Jones

Mar 27, 2024
Small business hiring difficulties begin to ease as economy remains strong

New York small businesses are experiencing an increase in hiring, despite the challenges they face such as inability to offer competitive salaries and benefits. This is reflected in the latest data from the CBIZ Small Business Employment Index which showed a seasonally adjusted increase of 0.17% in February. Small businesses typically have a harder time retaining employees due to their limited resources, but this trend seems to be changing as more companies expand their workforces steadily.

The CBIZ index monitors hiring trends among thousands of companies with 300 or fewer employees across the country, and the data suggests that small businesses are optimistic about the future and actively seeking to expand their workforces. About 20% of companies in the index increased their staff, while 60% made no changes and 20% reduced staff. The industry gains varied, with administrative and support services, arts and entertainment, and technology and life sciences experiencing increases, while accommodation and food services, insurance, and utilities experienced decreases.

Regionally, some regions saw slight increases in hiring while others experienced slight declines. These trends mirror the broader market where U.S employers added 275,000 jobs in February, surpassing expectations after a revised gain of 229,000 jobs in January. This growth highlights the resilience of the U.S economy amid high interest rates and shows that small businesses are able to overcome these challenges with determination and optimism.

Overall, this data suggests that small businesses in New York are experiencing an ease in hiring despite their difficulties such as offering competitive salaries and benefits like health insurance. With more companies expanding their workforces steadily, it is clear that small businesses are holding on to their strength even amidst challenging economic conditions.

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

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