June 15, 2024

Small Business Hiring Concerns in New York Begin to Ease: CBIZ Index Reveals Seasonal Increase, Despite Salary and Benefit Disparities

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

According to the CBIZ Small Business Employment Index, hiring concerns for small businesses in New York may be starting to improve. In February, there was a seasonally adjusted increase of 0.17%, signaling that the U.S. economy remains strong despite high interest rates. Small businesses often struggle to retain employees due to their inability to offer competitive salaries and benefits like health insurance. The CBIZ index monitors hiring trends among thousands of companies with 300 or fewer employees nationwide.

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 are not alone in their struggles when it comes to retaining employees due to salary and benefit disparities with larger companies; this is also reflected in the broader employment landscape in the U.S., where employers added 275,000 jobs in February despite these challenges.

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 despite high interest rates following an increase of 229,000 jobs in January.

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