Job Growth Moderates Slightly for U.S. Small Businesses in September
The Paychex Small Business Employment Watch for September reveals a slight moderation in the national jobs index to 99.84, while maintaining an average of 100.31 for 2024, indicating modest employment growth. Hourly earnings growth for workers reached 3.01% in September, with the three-month annualized growth remaining below 3% for five consecutive months.
Key highlights include:
- 29 out of 50 states reported an index of 100 or higher
- The Midwest region led in small business employment growth at 100.39
- Indiana topped state rankings at 101.29
- The West region led in hourly earnings growth at 3.54%
- Education and Health Services sector led industries at 100.95
Paychex CEO John Gibson noted the impact of external factors like the upcoming election and potential rate cuts on employment growth fluctuations.
Il Paychex Small Business Employment Watch per settembre rivela una leggera moderazione dell'indice nazionale dell'occupazione a 99.84, mantenendo una media di 100.31 per il 2024, il che indica una modesta crescita dell'occupazione. La crescita delle retribuzioni orarie per i lavoratori ha raggiunto il 3.01% a settembre, con la crescita annualizzata su tre mesi che rimane sotto il 3% per cinque mesi consecutivi.
I punti salienti includono:
- 29 stati su 50 hanno riportato un indice di 100 o superiore
- La regione del Midwest ha guidato la crescita dell'occupazione nelle piccole imprese con un indice di 100.39
- Indiana ha dominato la classifica degli stati con 101.29
- La regione Ovest ha guidato la crescita delle retribuzioni orarie con un 3.54%
- Il settore dell'istruzione e dei servizi sanitari ha guidato le industrie con un indice di 100.95
Il CEO di Paychex, John Gibson, ha sottolineato l'impatto di fattori esterni come le prossime elezioni e i potenziali tagli ai tassi sull'andamento della crescita occupazionale.
El Paychex Small Business Employment Watch de septiembre revela una ligera moderación en el índice nacional de empleo a 99.84, mientras mantiene un promedio de 100.31 para 2024, lo que indica un modesto crecimiento del empleo. El crecimiento de los salarios por hora para los trabajadores alcanzó el 3.01% en septiembre, con el crecimiento anualizado a tres meses manteniéndose por debajo del 3% durante cinco meses consecutivos.
Los aspectos destacados incluyen:
- 29 de 50 estados reportaron un índice de 100 o más
- La región del Medio Oeste lideró el crecimiento del empleo en pequeñas empresas con un índice de 100.39
- Indiana encabezó el ranking estatal con 101.29
- La región Oeste lideró el crecimiento de salarios por hora con un 3.54%
- El sector de Educación y Servicios de Salud lideró las industrias con un índice de 100.95
El CEO de Paychex, John Gibson, señaló el impacto de factores externos como las próximas elecciones y los posibles recortes en las tasas sobre las fluctuaciones en el crecimiento del empleo.
9월 Paychex 소기업 고용 관찰 보고서는 국가 직업 지수가 99.84로 약간 둔화되었음을 보여주며, 2024년 평균 100.31을 유지하여 modest 성장률을 나타냅니다. 근로자의 시간당 수입 성장률은 9월에 3.01%에 도달하였으며, 3개월 연환산 성장률이 5개월 연속 3% 이하를 유지하고 있습니다.
주요 하이라이트는 다음과 같습니다:
- 50개 주 중 29개 주가 100 이상으로 지수를 보고하였습니다
- 중서부 지역은 100.39로 소기업 고용 성장률에서 선두를 차지하였습니다
- 인디애나주가 101.29로 주 간의 순위를 차지하였습니다
- 서부 지역은 3.54%로 시간당 수입 성장률에서 선두를 차지하였습니다
- 교육 및 건강 서비스 부문은 100.95로 산업 부문에서 선두를 차지하였습니다
Paychex의 CEO인 John Gibson은 다가오는 선거와 잠재적인 금리 인하와 같은 외부 요인의 고용 성장 변동에 미치는 영향을 언급하였습니다.
Le Paychex Small Business Employment Watch pour septembre révèle une légère modération de l'indice national de l'emploi à 99.84, tout en maintenant une moyenne de 100.31 pour 2024, indiquant une modeste croissance de l'emploi. La croissance des revenus horaires des travailleurs a atteint 3.01% en septembre, avec une croissance annualisée sur trois mois restant en dessous de 3% pendant cinq mois consécutifs.
Les points clés incluent :
- 29 États sur 50 ont rapporté un indice de 100 ou plus
- La région du Midwest a été en tête de la croissance de l'emploi dans les petites entreprises avec un indice de 100.39
- L'Indiana a dominé le classement des États avec 101.29
- La région Ouest a conduit la croissance des revenus horaires avec 3.54%
- Le secteur de l'éducation et des services de santé a été le leader des industries avec un indice de 100.95
Le PDG de Paychex, John Gibson, a noté l'impact de facteurs externes comme les élections à venir et les éventuelles baisses de taux sur les fluctuations de la croissance de l'emploi.
Der Paychex Small Business Employment Watch für September zeigt eine leichte Abschwächung des nationalen Beschäftigungsindex auf 99.84, während der Durchschnitt für 2024 bei 100.31 bleibt, was auf ein moderates Beschäftigungswachstum hinweist. Das Wachstum der Stundenlöhne für Arbeiter erreichte im September 3.01%, wobei das annualisierte Wachstum über drei Monate für fünf aufeinanderfolgende Monate unter 3% blieb.
Wichtige Highlights beinhalten:
- 29 von 50 Bundesstaaten berichteten von einem Index von 100 oder höher
- Die Midwest-Region führte beim Wachstum der Beschäftigung in kleinen Unternehmen mit 100.39
- Indiana belegte den ersten Platz in den staatlichen Rankings mit 101.29
- Die Westregion führte beim Wachstum der Stundenlöhne mit 3.54%
- Der Bildungs- und Gesundheitsdienstleistungssektor führte mit 100.95 unter den Industrien
Der CEO von Paychex, John Gibson, wies auf den Einfluss externer Faktoren wie die bevorstehenden Wahlen und potenzielle Zinssenkungen auf die Schwankungen des Beschäftigungswachstums hin.
- National jobs index averaged 100.31 through Q3 2024, indicating modest employment growth
- Hourly earnings growth increased to 3.01% in September
- 29 out of 50 states reported an index of 100 or higher
- Midwest region led in small business employment growth at 100.39
- Education and Health Services sector topped industries at 100.95
- National jobs index moderated slightly to 99.84 in September
- Weekly hours worked growth remained negative (-0.16%) for the 18th consecutive month
- West region reported the largest negative change in job growth from the prior year
- Small businesses struggling to find qualified workers and compete against larger businesses for talent
Insights
The September Paychex Small Business Employment Watch reveals a nuanced picture of the U.S. labor market. The national jobs index of 99.84 indicates a slight moderation in job growth, yet the year-to-date average of 100.31 suggests modest overall expansion. This divergence points to a potential softening in the labor market, albeit from a position of relative strength.
Hourly earnings growth of
Regional variations are notable, with the Midwest leading in job growth and the West showing the highest wage growth but the weakest job creation. This geographic disparity may reflect differing economic conditions and industry compositions across regions, presenting both opportunities and challenges for businesses and workers alike.
The Paychex report offers valuable insights into the small business sector, a important component of the U.S. economy. The slight moderation in the jobs index, coupled with modest wage growth, suggests a delicate balance in the labor market. This could influence Federal Reserve policy decisions, potentially supporting arguments for maintaining or even lowering interest rates to sustain economic momentum.
The persistent negative growth in weekly hours worked for 18 consecutive months is concerning. It may indicate underemployment or a shift towards part-time work, which could have implications for overall economic productivity and worker well-being. Policymakers should monitor this trend closely.
The divergence between education and health services leading in job growth while experiencing the largest one-month slowdown is intriguing. It may reflect sector-specific challenges or a normalization after previous growth spurts. This volatility in a traditionally stable sector warrants attention from both investors and policymakers.
The national Paychex Small Business Jobs Index moderated slightly in September (99.84) but has averaged 100.31 so far in 2024, representing modest employment growth. (Graphic: Business Wire)
“Our monthly jobs and wage data offers a pulse on the small business labor market and often indicates broader labor market trends,” said John Gibson, Paychex president and CEO. “We’ve seen employment growth fluctuate less than a half a percentage point in the last three months amidst uncertain external forces such as the upcoming election and the potential for additional rate cuts.”
“We are still seeing small business employers struggling to find qualified workers and compete against larger businesses for talent,” Gibson added.” True to our mission and legacy of helping businesses succeed, we recently introduced Paychex Recruiting Copilot to help these employers find top talent in seconds using natural language search and AI to produce a list of qualified individuals.”
Jobs Index and Wage Data Highlights
- The national job index has averaged 100.31 through the first three quarters of 2024, representing modest employment growth. At 99.84 in September, the national jobs index remained just below 100 for the third consecutive month.
-
Hourly earnings growth increased slightly to
3.01% in September after slipping below three percent in August (2.95% ). Meanwhile, weekly hours worked growth (-0.16% ) remained negative year-over-year for the 18th consecutive month. - More than half of all states (29 of 50) reported an index of 100 or higher in September.
-
The Midwest (100.39) remained the top region for small business employment growth for the fourth consecutive month. Within the Midwest,
Indiana (101.29) remained the top state for small business job growth for the third-straight month. -
The West (
3.54% ) led all regions for hourly earnings growth for the 15th consecutive month and showed the largest negative change in job growth from the prior year. The region also reported a jobs index level of 99.09 in September, dropping 1.97 percentage points to rank last among regions. - Education and Health Services (100.95) continued as the top industry for small business job growth for the fourth consecutive month in September, despite reporting the largest one-month slowdown among sectors (0.92 percentage points).
More Information
For more information about the Paychex Small Business Employment Watch, visit the website and sign up to receive monthly Employment Watch alerts.
*Information regarding the professions included in the industry data can be found at the Bureau of Labor Statistics website.
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 fewer than 50 workers, the monthly report offers analysis of national employment and wage trends and 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
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 more than 745,000 customers in the
View source version on businesswire.com: https://www.businesswire.com/news/home/20241001649730/en/
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Tracy Volkmann
Paychex, Inc.
Manager, Public Relations
(585) 387-6705
tvolkmann@paychex.com
@Paychex
Emily Walsh
Highwire Public Relations
Account Executive
(914) 815-8846
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Source: Paychex, Inc.
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