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Paychex reported a rise in small business employment growth, with the Small Business Jobs Index increasing to 99.66 in February 2023. This marks a steady improvement following a 0.18% uptick in January. Additionally, both hourly wage growth and the one-month annualized hourly growth rate dropped to 4.49%, remaining under 4% for three consecutive months. Despite this, the weekly earnings growth reached a record 5.09% since tracking began in 2011, fueled by increased hours worked as employees respond to inflation. Notably, North Carolina continues to lead states in job growth.
According to the latest Paychex | IHS Markit Small Business Employment Watch, hourly wage growth for U.S. small businesses decreased to 4.66% year-over-year in January 2023, marking its lowest level since January 2022. Additionally, one-month annualized earnings growth dropped to 2.88%, the lowest since December 2020. The Small Business Jobs Index increased by 0.18% to 99.56, showing ongoing progress in hiring despite easing wage pressures. Notably, all four regions reported job gains, with South leading small business employment growth.
The Paychex | IHS Markit Small Business Employment Watch indicates a 4.95% year-over-year wage growth for small businesses in December, down from previous months. The Small Business Jobs Index remains flat at 99.38, reflecting stability in employment growth despite inflationary pressures. Key data highlights include a regional jobs index growth in the South and varying performance across states, with Tennessee showing notable improvement. The leisure and hospitality sector leads hourly earnings growth while overall weekly hours worked growth remains negative over the past year.
In November, Paychex reported stable job and hourly earnings growth at U.S. small businesses, with the Small Business Jobs Index declining minimally to 99.38. Hourly earnings growth remained steady at 5.04%, while three-month annualized weekly hours worked growth reached 0.77%, the highest since March 2021. The southern U.S. leads in job growth, with North Carolina noted for job growth, and Missouri for hourly earnings. However, Florida experienced declines, likely due to Hurricane Ian. The report highlights the challenges businesses face from inflation and labor market conditions.
Paychex reports a moderation in hourly earnings growth for U.S. small business workers, dropping to 5.01% in October, down from 5.15% in May. The Small Business Jobs Index fell by 0.32% to 99.43, marking its lowest level since July 2021. Weekly earnings growth rose 4.88%, with hours worked up 1.49%. Notably, Hurricane Ian adversely impacted Florida's labor market, leading to negative growth in hours worked and earnings. Despite regional challenges, the South continues to lead in employment growth.
In August 2022, U.S. small businesses saw average hourly earnings grow by 5.18%, matching the record from May 2022, with wages at $30.71 per hour, increased by $1.51 year-over-year. However, job growth slowed by -0.20%, dropping the Small Business Jobs Index to 99.94, a decline for six consecutive months. The South region led in job growth and hourly earnings growth, while states like North Carolina and Florida excelled in job and wage increases, respectively.
The latest Paychex | IHS Markit Small Business Employment Watch reports a continued slowdown in hiring at U.S. small businesses, marking the fifth consecutive month of decline. The Small Business Jobs Index dropped by 0.66% to 100.14. Average hourly earnings growth has also eased to 5.08% from 5.13% in June. Despite the overall slowdown, demand for workers remains strong, particularly in the South, which leads in job growth and earnings. The report highlights North Carolina as the top state for job growth, while Florida leads in hourly earnings.
In June 2022, small businesses showed positive job growth with the Small Business Jobs Index at 100.81, a 2.32% increase year-over-year, though it declined 0.06% from May. The average hourly earnings growth remained strong at 5.10%, slightly down from 5.16% in May. The South led in job and earnings growth, particularly in Texas and Dallas. The leisure and hospitality sector maintained the highest hourly earnings growth for 16 consecutive months, with construction also achieving record-level growth.
On May 31, 2022, Paychex and IHS Markit reported that small business workers in the U.S. experienced a 12th consecutive month of rising hourly earnings, averaging $30.31, a 5.19% increase from last year. However, the Small Business Jobs Index declined 0.27% from April, marking the largest one-month decrease in over two years, now at 100.87. The report indicates that despite inflation and a tight labor market, small business job growth remains resilient, with regions like the South and sectors including leisure and hospitality showing notable growth.
According to the latest Paychex | IHS Markit Small Business Employment Watch, national small business job growth remained stable in February, holding the jobs index at 101.33, a 7.83% increase year-over-year. Hourly earnings growth also reached a record high of 4.82% year-over-year. While employment gains are becoming less reliant on the leisure and hospitality sectors, North Carolina has emerged as the top state for small business job growth. Dallas remains the leading metro area for hiring. The report suggests ongoing recovery and wage growth for small businesses.
