In February, the CBIZ Small Business Employment Index reported a slight increase in small business hiring. Despite the challenges faced by small businesses in retaining workers due to their inability to offer higher wages and benefits such as health insurance, the index showed a seasonally adjusted increase of 0.17%. This positive trend reflects the overall strength of the US economy, which has performed well even in the face of high interest rates.

According to Anna Rathbun, CBIZ’s chief investment officer, the unexpected strength of the US economy was evident in February’s continued growth in the small business workforce. While 20% of companies in the index added more employees, 60% made no changes in the number of employees, and 20% reduced their staff.

Certain industries experienced greater employment gains than others, including administrative and support services, arts, entertainment and recreation, and technology and life sciences. On the other hand, industries such as accommodation and food services, insurance and utilities experienced a drop in employment. Regionally, the West, Southeast and Central regions saw a slight increase in employment, while the Northeast region saw a slight decline.

Positive small business hiring trends mirrored the broader US labor market in February. US employers added 275,000 jobs

By Samantha Johnson

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