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Hourly Earnings Growth for U.S. Small Business Workers Increases and Job Growth Slows Amid Tight Job Market

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In April 2024, according to the Paychex Small Business Employment Watch, hourly earnings growth for U.S. small business workers increased to 3.34%, ending a nearly two-year deceleration trend. However, job growth slowed, with U.S. small businesses adding jobs at a slower pace. Weekly hours worked for employees also decreased for the 13th consecutive month. The Small Business Jobs Index stood at 100.12, indicating positive job gains but down from the previous year.

Nel aprile 2024, secondo l'osservatorio sull'impiego delle piccole imprese Paychex, la crescita del guadagno orario per i lavoratori delle piccole imprese statunitensi è aumentata al 3,34%, interrompendo una tendenza al rallentamento quasi biennale. Tuttavia, la crescita occupazionale ha rallentato, con le piccole imprese degli Stati Uniti che hanno assunto personale a un ritmo più lento. Anche le ore lavorative settimanali dei dipendenti hanno registrato una diminuzione per il tredicesimo mese consecutivo. L'indice dei lavori delle piccole imprese si è attestato a 100.12, indicando un aumento positivo dei posti di lavoro, ma una diminuzione rispetto all'anno precedente.
En abril de 2024, según el Paychex Small Business Employment Watch, el crecimiento de los ingresos por hora para los trabajadores de pequeñas empresas en EE. UU. aumentó al 3,34%, poniendo fin a una tendencia de casi dos años de desaceleración. Sin embargo, el crecimiento del empleo disminuyó, con las pequeñas empresas estadounidenses agregando empleos a un ritmo más lento. Las horas semanales trabajadas por los empleados también disminuyeron por decimotercer mes consecutivo. El Índice de Empleos de Pequeñas Empresas se situó en 100.12, indicando ganancias de empleo positivas pero una disminución respecto al año anterior.
2024년 4월에는 Paychex 소기업 고용 관측에 따르면 미국 소기업 근로자의 시간당 수입 증가율이 3.34%로 증가하여 거의 2년간의 감속 추세가 종료되었습니다. 그러나 일자리 증가율은 느려졌으며, 미국의 소기업들은 더 느린 속도로 직원을 채용했습니다. 또한 직원들의 주간 근로시간도 13개월 연속 감소했습니다. 소기업 일자리 지수는 100.12에 도달하여 긍정적인 일자리 증가를 나타냈지만 전년 대비 감소하였습니다.
En avril 2024, selon l'Observatoire de l'emploi des petites entreprises de Paychex, la croissance du salaire horaire pour les travailleurs des petites entreprises aux États-Unis a augmenté à 3,34 %, mettant fin à une tendance de ralentissement de près de deux ans. Cependant, la croissance de l'emploi a ralenti, les petites entreprises américaines ajoutant des emplois à un rythme plus lent. Les heures hebdomadaires travaillées par les employés ont également diminué pour le treizième mois consécutif. L'indice des emplois dans les petites entreprises était à 100,12, indiquant des gains d'emploi positifs mais en baisse par rapport à l'année précédente.
Im April 2024 verzeichnete der Paychex Small Business Employment Watch einen Anstieg des Stundenlohns für Mitarbeiter kleiner US-Unternehmen auf 3,34%, was einem Ende des fast zweijährigen Verlangsamungstrends entspricht. Allerdings verlangsamte sich das Jobwachstum, da kleine Unternehmen in den USA langsamer neue Jobs hinzufügten. Die wöchentlich geleisteten Arbeitsstunden der Mitarbeiter nahmen ebenfalls den dreizehnten Monat in Folge ab. Der Small Business Jobs Index stand bei 100,12, was auf positive Jobgewinne hindeutet, jedoch einen Rückgang gegenüber dem Vorjahr zeigt.
Positive

  • Hourly earnings growth for U.S. small business workers increased to 3.34% in April 2024, ending a nearly two-year trend of deceleration.

  • The growth in weekly hours worked for employees slowed in April but Construction sector led growth among sectors in hourly earnings, weekly earnings, and weekly hours worked for the sixth consecutive month.

  • The West region led hourly earnings growth for the 11th consecutive month, with Washington and Seattle topping states and metros for hourly earnings growth among U.S. small business workers.

Negative

  • Job growth slowed in April for U.S. small businesses, with the Small Business Jobs Index standing at 100.12, down 1.06 percentage points from the previous year.

  • Weekly hours worked for employees decreased by -0.41% in April for the 13th consecutive month, indicating a negative trend in weekly earnings growth below three percent again.

ROCHESTER, N.Y.--(BUSINESS WIRE)-- According to the Paychex Small Business Employment Watch, hourly earnings growth increased slightly to 3.34%, ending a nearly two-year trend of deceleration, and job growth slowed in April. U.S. small businesses with fewer than 50 employees continued to add jobs but at a slower pace with the Small Business Jobs Index standing at 100.12. The growth in weekly hours worked for employees also slowed for the 13th consecutive month, down -0.41% in April.

Small businesses continued to add jobs in April but at a slower pace. Meanwhile, hourly earnings ticked up to <percent>3.34%</percent> for the month, ending a nearly two-year trend of deceleration. (Graphic: Business Wire)

Small businesses continued to add jobs in April but at a slower pace. Meanwhile, hourly earnings ticked up to 3.34% for the month, ending a nearly two-year trend of deceleration. (Graphic: Business Wire)

“Our jobs index remains over 100, indicating continued year-over-year employment growth, yet the pace of growth has slowed,” said John Gibson, Paychex president and CEO. “Demand for qualified workers continues to outweigh supply, which may be forcing employers to consider offering higher wages to attract and retain talent.”

“Hourly earnings growth increased to 3.34% in April, ending a decline that began in mid-2022.” Gibson added. “We continue to see employers controlling hours worked as weekly earnings growth is below three percent again in April, indicating that while some workers are seeing increases in their hourly rate, they may not be taking more home.”

Jobs Index and Wage Data Highlights:

  • At 100.12, the national jobs index continues to represent positive job gains but is down 1.06 percentage points from last year (101.18).
  • Hourly earnings growth increased to 3.34% in April, marking the end of a steady deceleration that began mid-2022. However, as weekly hours worked growth (-0.41%) remains negative year-over-year, weekly earnings growth is below three percent again in April (2.88%).
  • The West (3.75%) leads regional hourly earnings growth for the 11th consecutive month. Washington (4.91%) and Seattle (5.11%) tops states and metros, respectively, for hourly earnings growth among U.S. small business workers.
  • The rate of small business job growth decelerated across all industries in April, though Education and Health Services (101.60) remains one of the strongest sectors for job growth.
  • For the sixth consecutive month, Construction led growth among sectors in hourly earnings (3.85%), weekly earnings (3.80%), and weekly hours worked (0.28%).

The complete Small Business Employment Watch results for April 2024, including interactive charts detailing the data at a national, regional, state, metro, and industry sector level are available at www.paychex.com/watch. Learn more and sign up to receive monthly Employment Watch alerts.

About the Paychex Small Business Employment Watch

The Paychex Small Business Employment Watch is released each month by Paychex, Inc. Focused exclusively on businesses with less than 50 workers, the monthly report offers analysis of national employment and wage trends, as well as examines regional, state, metro, and industry sector activity. Drawing from the payroll data of approximately 350,000 Paychex clients, this powerful industry benchmark delivers real-time insights into the small business trends driving the U.S. economy. The jobs index is scaled to 100, which represents no year-over-year change in job growth among same store businesses. Index values above 100 represent new jobs being added, while values below 100 represent jobs being lost.

About Paychex

Paychex, Inc. (Nasdaq: PAYX) is an industry-leading HCM company delivering a full suite of technology and advisory services in human resources, employee benefit solutions, insurance, and payroll. The company serves approximately 740,000 customers in the U.S. and Europe and pays one out of every 12 American private sector employees. The more than 16,000 people at Paychex are committed to helping businesses succeed and building thriving communities where they work and live. Visit paychex.com to learn more.

Tracy Volkmann

Paychex, Inc.

Manager, Public Relations

(585) 387-6705

tvolkman@paychex.com

@Paychex



Colleen Bennis

Matter Communications

Account Director

(585) 666-9510

cbennis@matternow.com

Source: Paychex, Inc.

FAQ

What was the hourly earnings growth rate for U.S. small business workers in April 2024?

The hourly earnings growth rate for U.S. small business workers in April 2024 was 3.34%.

What was the Small Business Jobs Index standing in April 2024?

In April 2024, the Small Business Jobs Index stood at 100.12 for U.S. small businesses.

Which region led hourly earnings growth for U.S. small business workers in April 2024?

The West region led hourly earnings growth for U.S. small business workers in April 2024.

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