Small Businesses in New York See Hiring Improvements in February as U.S. Economy Thrives

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

In February, small businesses in New York may have started to see improvements in hiring concerns, according to the CBIZ Small Business Employment Index. The index monitors hiring trends among thousands of companies with 300 or fewer employees nationwide, and revealed that 20% of companies increased their workforce, 60% made no changes, and 20% reduced their staffing levels.

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. 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, the CBIZ index suggests that this may be starting to change as more small businesses are able to expand their workforce amidst a strong U.S. economy.

The performance of small businesses in the job market aligns with the broader employment landscape in the U.S., where employers added 275,000 jobs in February

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