Small Businesses in New York Show Positive Hiring Trends Amid Surprising U.S. Economic Strength

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

In February, the U.S. economy showed surprising strength despite high interest rates, and hiring concerns for small businesses in New York may be starting to improve, according to the CBIZ Small Business Employment Index. The index monitors hiring trends among thousands of companies with 300 or fewer employees nationwide.

Small businesses often struggle to retain employees due to their inability to offer competitive salaries and benefits like health insurance. However, the unexpected strength of the U.S. economy has allowed small businesses to steadily expand their workforce in February. According to Anna Rathbun, chief investment officer of CBIZ, 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. 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, surpassing expectations. This growth reflects the U.S. economy’s resilience following an increase of 229,000 jobs in January.

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