• Wed. May 22nd, 2024

Unexpected Surge in Small Business Hiring: CBIZ Employment Index Trends Mirror Positive Job Market

BySamantha Jones

Mar 27, 2024
Signs of Small Business Hiring Woes Easing Amid Strong Economy

Despite the challenges small businesses face in retaining workers due to their inability to offer higher salaries and benefits like health insurance, the CBIZ Small Business Employment Index reported a slight increase in hiring for small businesses in February. This positive trend reflects the overall strength of the U.S. economy, which has been performing well even in the face of high interest rates. The index tracks hiring among thousands of companies with 300 or fewer employees across the country, and Anna Rathbun, chief investment officer of CBIZ, says that unexpected strength is evident in the steady expansion of small business workforces.

While 20% of companies in the index added more staff, 60% made no changes to their headcounts, and 20% reduced their staff. Certain industries saw more hiring gains than others, including administrative and support services, arts, entertainment, and recreation, and technology and life sciences. On the other hand, industries like accommodation and food services, insurance, and utilities experienced decreases in hiring. Regionally, the West, Southeast, and Central regions saw slight increases in hiring while the Northeast region saw a slight decline.

The positive hiring trends for small businesses mirror those seen in the broader job market in February when U.S. employers added 275,000 jobs surpassing expectations despite high interest rates. The growth was higher than revised gain of 229

By Samantha Jones

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