Pace of U.S. Small Business Job Growth Moderated in 2024
The Paychex Small Business Employment Watch reports that U.S. small business job growth moderated in 2024. The national jobs index remained relatively unchanged at 100.22, marking modest employment growth. However, it slowed by 1.32 percentage points from December 2023 to December 2024.
Hourly earnings growth for small business workers stayed below three percent for the fifth consecutive month in December, at 2.96%. The Midwest led regional employment growth, with Wisconsin ranking second among all states. Dallas and Houston were top metros for job growth.
Despite challenges such as access to growth capital, rising healthcare costs, and hiring qualified talent, small businesses showed resilience. Optimism and hiring intentions improved towards the end of the year. Paychex introduced several solutions in 2024, including Paychex Flex Perks®, Paychex Recruiting Copilot, and HR Analytics with AI Insights, to support small business growth.
Three-month annualized hourly earnings growth was 3.02% in December, while weekly earnings growth hit a four-year low at 2.54%. Weekly hours worked growth remained negative year-over-year for the 21st consecutive month.
Il Paychex Small Business Employment Watch riporta che la crescita dell'occupazione nelle piccole imprese statunitensi ha moderato nel 2024. L'indice nazionale dei lavori è rimasto relativamente invariato a 100,22, segnando una modesta crescita occupazionale. Tuttavia, è diminuito di 1,32 punti percentuali da dicembre 2023 a dicembre 2024.
La crescita degli stipendi orari per i lavoratori delle piccole imprese è rimasta sotto il tre percento per il quinto mese consecutivo a dicembre, attestandosi al 2,96%. Il Midwest ha guidato la crescita occupazionale regionale, con il Wisconsin al secondo posto tra tutti gli stati. Dallas e Houston sono state le principali metropoli per la crescita dei posti di lavoro.
Nonostante le sfide come l'accesso al capitale per la crescita, l'aumento dei costi sanitari e la ricerca di talenti qualificati, le piccole imprese hanno mostrato resilienza. L'ottimismo e le intenzioni di assunzione sono migliorati verso la fine dell'anno. Paychex ha introdotto diverse soluzioni nel 2024, tra cui Paychex Flex Perks®, Paychex Recruiting Copilot e HR Analytics con AI Insights, per supportare la crescita delle piccole imprese.
La crescita annualizzata degli stipendi orari su tre mesi è stata del 3,02% a dicembre, mentre la crescita degli stipendi settimanali ha raggiunto un minimo di quattro anni al 2,54%. La crescita delle ore lavorate settimanali è rimasta negativa su base annua per il 21° mese consecutivo.
El Paychex Small Business Employment Watch informa que el crecimiento del empleo en pequeñas empresas en EE. UU. se moderó en 2024. El índice nacional de empleos se mantuvo relativamente sin cambios en 100.22, marcando un modesto crecimiento del empleo. Sin embargo, se desaceleró en 1.32 puntos porcentuales de diciembre de 2023 a diciembre de 2024.
El crecimiento de los ingresos por hora para los trabajadores de pequeñas empresas se mantuvo por debajo del tres por ciento por quinto mes consecutivo en diciembre, alcanzando el 2.96%. El Medio Oeste lideró el crecimiento del empleo regional, con Wisconsin en segundo lugar entre todos los estados. Dallas y Houston fueron las principales ciudades metropolitanas para el crecimiento del empleo.
A pesar de los desafíos como el acceso a capital para el crecimiento, el aumento de los costos de atención médica y la contratación de talento calificado, las pequeñas empresas demostraron resiliencia. El optimismo y las intenciones de contratación mejoraron hacia el final del año. Paychex introdujo varias soluciones en 2024, incluyendo Paychex Flex Perks®, Paychex Recruiting Copilot y HR Analytics con AI Insights, para apoyar el crecimiento de las pequeñas empresas.
El crecimiento de los ingresos por hora anualizado a tres meses fue del 3.02% en diciembre, mientras que el crecimiento de los ingresos semanales alcanzó un mínimo de cuatro años del 2.54%. El crecimiento de las horas trabajadas semanalmente se mantuvo negativo interanualmente durante el vigésimo primer mes consecutivo.
Paychex 소기업 고용 보고서에 따르면, 미국의 소기업 고용 성장률이 2024년에 점차 완화되었습니다. 전국 일자리 지수는 100.22로 상대적으로 변하지 않아 미미한 고용 성장을 나타냈습니다. 그러나 2023년 12월에서 2024년 12월까지 1.32포인트 감소했습니다.
소기업 근로자의 시간당 수입 성장률은 5개월 연속 3% 이하에 머물렀으며, 12월에는 2.96%를 기록했습니다. 중서부 지역의 고용 성장이 두드러졌으며, 위스콘신은 모든 주 중에서 두 번째로 높은 순위를 차지했습니다. 달라스와 휴스턴은 고용 성장에 있어 주요 대도시로 나타났습니다.
성장 자본 접근, 증가하는 의료 비용, 자격 있는 인재 채용과 같은 도전 과제에도 불구하고, 소기업들은 회복력을 보여주었습니다. 연말이 가까워짐에 따라 낙관주의와 채용 의사가 향상되었습니다. Paychex는 소기업 성장을 지원하기 위해 2024년에 Paychex Flex Perks®, Paychex Recruiting Copilot 및 AI 통찰력을 활용한 HR Analytics와 같은 여러 솔루션을 도입했습니다.
3개월 연환산 시간당 수입 성장률은 12월에 3.02%였으며, 주간 수입 성장은 2.54%로 4년 만에 최저치를 기록했습니다. 주간 근무 시간 성장은 21개월 연속으로 전년 대비 감소했습니다.
Le Paychex Small Business Employment Watch rapporte que la croissance de l'emploi dans les petites entreprises américaines s'est modérée en 2024. L'indice national de l'emploi est resté relativement stable à 100,22, ce qui marque une croissance modeste de l'emploi. Cependant, il a diminué de 1,32 point de pourcentage de décembre 2023 à décembre 2024.
La croissance des revenus horaires pour les travailleurs des petites entreprises est restée sous les trois pour cent pour le cinquième mois consécutif en décembre, à 2,96%. Le Midwest a mené la croissance de l'emploi régional, avec le Wisconsin se classant au deuxième rang parmi tous les États. Dallas et Houston étaient les principales métropoles pour la croissance de l'emploi.
Malgré des défis tels que l'accès au capital de croissance, l'augmentation des coûts de la santé et le recrutement de talents qualifiés, les petites entreprises ont montré leur résilience. L'optimisme et les intentions de recrutement se sont améliorés vers la fin de l'année. Paychex a introduit plusieurs solutions en 2024, notamment Paychex Flex Perks®, Paychex Recruiting Copilot et HR Analytics avec AI Insights, pour soutenir la croissance des petites entreprises.
La croissance annualisée des revenus horaires sur trois mois était de 3,02 % en décembre, tandis que la croissance des revenus hebdomadaires a atteint un minimum de quatre ans à 2,54 %. La croissance des heures travaillées par semaine est restée négative d'une année sur l'autre pour le 21ème mois consécutif.
Der Paychex Small Business Employment Watch berichtet, dass das Beschäftigungswachstum in den kleinen Unternehmen der USA im Jahr 2024 moderat zurückging. Der nationale Stellenindex blieb mit 100,22 relativ unverändert und markierte ein bescheidenes Beschäftigungswachstum. Allerdings sank er von Dezember 2023 bis Dezember 2024 um 1,32 Prozentpunkte.
Das Wachstum der Stundenlöhne für Arbeitnehmer in kleinen Unternehmen blieb im Dezember zum fünften Mal in Folge unter drei Prozent und betrug 2,96%. Der Mittlere Westen führte das regionale Beschäftigungswachstum an, wobei Wisconsin an zweiter Stelle unter allen Bundesstaaten lag. Dallas und Houston waren die besten Metropolen für das Beschäftigungswachstum.
In Anbetracht von Herausforderungen wie dem Zugang zu Wachstumskapital, steigenden Gesundheitskosten und der Rekrutierung qualifizierter Talente zeigten kleine Unternehmen dennoch Resilienz. Der Optimismus und die Einstellungsabsichten verbesserten sich gegen Ende des Jahres. Paychex führte 2024 mehrere Lösungen ein, darunter Paychex Flex Perks®, Paychex Recruiting Copilot und HR Analytics mit KI-Insights, um das Wachstum kleiner Unternehmen zu unterstützen.
Das dreimonatige annualisierte Wachstum des Stundenlohns betrug im Dezember 3,02%, während das Wachstum der wöchentlichen Löhne mit 2,54% ein vierjähriges Tief erreichte. Das Wachstum der wöchentlichen Arbeitsstunden blieb im Jahresvergleich im 21. Monat in Folge negativ.
- The Midwest remained the top region for small business employment growth for the seventh consecutive month.
- Wisconsin achieved its best job growth rank since March 2020.
- Optimism and hiring intentions among small businesses improved towards the end of the year.
- The national jobs index slowed by 1.32 percentage points from December 2023 to December 2024.
- Hourly earnings growth remained below three percent for the fifth consecutive month.
- Weekly earnings growth slowed to a four-year low in December at 2.54%.
- Weekly hours worked growth remained negative year-over-year for the 21st consecutive month.
Insights
The latest Paychex Small Business Employment Watch reveals concerning trends in the U.S. small business sector. The national jobs index decline of <percent>1.32%</percent> year-over-year to 99.89 in December 2024 signals a notable slowdown in small business hiring momentum. The persistent sub-<percent>3%</percent> hourly earnings growth for five consecutive months, coupled with a four-year low in weekly earnings growth at <percent>2.54%</percent>, indicates wage pressure moderation that could impact consumer spending.
The continuous negative weekly hours worked growth for 21 months is particularly troubling, suggesting businesses are managing costs by reducing employee hours. This pattern typically precedes potential layoffs or hiring freezes. The regional disparity, with the Midwest showing relative strength while other regions lag, points to an uneven recovery landscape that could affect PAYX's service demand across different markets.
For PAYX shareholders, these metrics carry significant implications. The company's revenue growth is directly tied to small business employment levels and wage growth, as its core services include payroll processing and HR solutions. The declining employment index and stagnant wage growth could pressure PAYX's revenue per client metrics in upcoming quarters. However, the introduction of new products like Flex Perks and Recruiting Copilot demonstrates strategic diversification to offset potential headwinds.
The challenges faced by small businesses, including access to growth capital and rising healthcare costs, actually present opportunities for PAYX's PEO and insurance services. The <percent>4.56%</percent> wage growth in Tampa, influenced by hurricane impacts, highlights how regional economic events can drive demand for PAYX's comprehensive business solutions. These factors should be considered against PAYX's current market cap of <money>$50.3</money> billion and its ability to maintain pricing power in a challenging small business environment.
Hourly earnings growth for small business workers remained below three percent for last five months of the year
Job growth in
“The pace of job growth among
“As we have done for more than 50 years, Paychex will continue to focus our efforts in the coming year on designing solutions to support the small business growth that ultimately fuels our broader economy,” Gibson added. “Our PEO (professional employer organization) and Paychex Insurance Agency have long offered companies the opportunity to save on healthcare costs. Other solutions we introduced in 2024 were designed to address evolving business challenges, such as Paychex Flex Perks®, Paychex Recruiting Copilot, HR Analytics with AI Insights, Paychex Funding Solutions, and Paychex Flex® Engage.”
Jobs Index and Wage Data Highlights
- The national small business jobs index averaged 100.22 in 2024, representing modest employment growth. However, the national jobs index slowed 1.32 percentage points from 101.21 in December 2023 to 99.89 in December 2024.
-
The Midwest (100.20) remained the top region for small business employment growth for the seventh consecutive month in December.
Wisconsin (100.77) led Midwestern states and ranked second among all states for job growth in December, marking its best rank since March 2020. -
For the second-straight month,
Dallas (101.73) andHouston (101.16) ranked first and second, respectively, among metros for job growth in December. -
Three-month annualized hourly earnings growth (
3.02% ) reported above three percent for the first month since April. -
Weekly earnings growth (
2.54% ) slowed to a four-year low in December. Additionally, weekly hours worked growth (-0.43% ) remained negative year-over-year for the 21st consecutive month and hit its lowest level since July 2022. -
As workforce composition continues to evolve considering recent hurricanes,
Tampa (4.56% ) topped the metro rankings for hourly earnings growth for the second month in a row.
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/20250107648114/en/
Media Contacts
Tracy Volkmann
Paychex, Inc.
Manager, Public Relations
(585) 387-6705
tvolkmann@paychex.com
@Paychex
Emily Walsh
Highwire Public Relations
Account Executive
(914) 815-8846
paychex@highwirepr.com
Source: Paychex, Inc.
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