Paychex Small Business Jobs Index Shows Little Change in March and Levels Consistent with Last Several Quarters
The Paychex Small Business Employment Watch reveals steady job growth in March 2025, with the Small Business Jobs Index at 99.75, showing minimal change from previous quarters. Hourly earnings growth remained stable at 2.91%, marking the fifth consecutive month below 3%.
Key regional highlights include the Midwest leading for the 10th straight month at 99.96, while Texas tops state rankings at 100.85. Minneapolis emerged as the leading metro area with 102.52, gaining 1.87 percentage points. The Manufacturing sector showed the strongest growth in Q1 2025, with a 1.05 percentage point increase, while Tampa led metros in hourly earnings growth at 4.20%.
I punti salienti regionali includono il Midwest che guida per il decimo mese consecutivo a 99.96, mentre il Texas si posiziona al primo posto nelle classifiche statali a 100.85. Minneapolis è emersa come l'area metropolitana leader con 102.52, guadagnando 1.87 punti percentuali. Il settore manifatturiero ha mostrato la crescita più forte nel primo trimestre del 2025, con un aumento di 1.05 punti percentuali, mentre Tampa ha guidato le aree metropolitane nella crescita dei guadagni orari al 4.20%.
El Paychex Small Business Employment Watch revela un crecimiento constante del empleo en marzo de 2025, con el Índice de Empleos de Pequeñas Empresas en 99.75, mostrando un cambio mínimo respecto a los trimestres anteriores. El crecimiento de los ingresos por hora se mantuvo estable en 2.91%, marcando el quinto mes consecutivo por debajo del 3%.
Los aspectos destacados regionales incluyen el Midwest, que lidera por décimo mes consecutivo con 99.96, mientras que Texas encabeza el ranking estatal con 100.85. Minneapolis se destacó como el área metropolitana líder con 102.52, ganando 1.87 puntos porcentuales. El sector manufacturero mostró el crecimiento más fuerte en el primer trimestre de 2025, con un aumento de 1.05 puntos porcentuales, mientras que Tampa lideró las áreas metropolitanas en el crecimiento de ingresos por hora con un 4.20%.
Paychex 소기업 고용 동향은 2025년 3월 고용이 꾸준히 증가하고 있음을 보여주며, 소기업 일자리 지수는 99.75로 이전 분기와의 변화가 미미합니다. 시간당 수입 성장률은 2.91%로 안정세를 유지하며, 3% 이하로 떨어진 지 5개월째입니다.
주요 지역 하이라이트에는 미드웨스트가 10개월 연속 99.96으로 선두를 달리고 있으며, 텍사스는 주별 순위에서 100.85로 1위를 차지하고 있습니다. 미니애폴리스는 102.52로 가장 높은 메트로 지역으로 부상하였으며, 1.87 포인트 상승했습니다. 제조업 부문은 2025년 1분기에 1.05 포인트 증가로 가장 강한 성장을 보였으며, 탬파는 시간당 수입 성장률에서 4.20%로 메트로 지역을 선도했습니다.
Le Paychex Small Business Employment Watch révèle une croissance stable de l'emploi en mars 2025, avec l'Indice des Emplois des Petites Entreprises à 99.75, montrant un changement minimal par rapport aux trimestres précédents. La croissance des revenus horaires est restée stable à 2.91%, marquant le cinquième mois consécutif en dessous de 3%.
Les points forts régionaux incluent le Midwest qui est en tête pour le dixième mois consécutif à 99.96, tandis que le Texas domine le classement des États à 100.85. Minneapolis a émergé comme la principale zone métropolitaine avec 102.52, gagnant 1.87 points de pourcentage. Le secteur manufacturier a montré la plus forte croissance au premier trimestre 2025, avec une augmentation de 1.05 points de pourcentage, tandis que Tampa a mené les métros en croissance des revenus horaires à 4.20%.
Der Paychex Small Business Employment Watch zeigt im März 2025 ein stetiges Beschäftigungswachstum, wobei der Index für kleine Unternehmen bei 99.75 liegt und nur minimale Veränderungen im Vergleich zu den vorherigen Quartalen aufweist. Das Wachstum der Stundenlöhne blieb stabil bei 2.91% und markiert den fünften Monat in Folge unter 3%.
Wichtige regionale Höhepunkte sind, dass der Midwest zum zehnten Mal in Folge mit 99.96 anführt, während Texas die Staatsrangliste mit 100.85 anführt. Minneapolis hat sich mit 102.52 als führende Metropolregion etabliert und 1.87 Prozentpunkte gewonnen. Der Fertigungssektor zeigte im ersten Quartal 2025 das stärkste Wachstum mit einem Anstieg um 1.05 Prozentpunkte, während Tampa bei der Stundenlohnssteigerung mit 4.20% an der Spitze der Metros steht.
- Manufacturing sector shows strongest Q1 2025 growth with 1.05 percentage point increase
- One-month annualized hourly earnings growth (3.51%) outpacing annual growth
- Minneapolis shows robust growth with 1.87 percentage point increase to 102.52
- Tampa leads metros with strong hourly earnings growth at 4.20%
- National Small Business Jobs Index declined 0.29 percentage points to 99.75
- Hourly earnings growth remains below 3% for fifth consecutive month
- Midwest region showed slowdown with 0.58 percentage point decrease
Insights
Paychex's latest Small Business Employment Watch offers valuable insight into the company's core market stability. The consistency in the jobs index at 99.75 and flat wage growth of
What's particularly significant is the five consecutive months of sub-
The Manufacturing sector's
For PAYX investors, this report indicates business-as-usual conditions in their target market without deterioration, though also without significant growth acceleration. The stability in small business employment suggests Paychex's core revenue streams remain protected while their product innovation aims to drive incremental growth opportunities.
Hourly earnings growth for workers remained flat at
The Paychex Small Business Employment Watch showed job growth continued at levels seen over the last several quarters at 99.75 in March.
“According to our most recent data, the small business labor market is fundamentally healthy and showing no current signs of a recession,” said John Gibson, Paychex president and CEO. “Job growth within
“It’s an interesting time as small businesses are expressing both optimism and uncertainty, while continuing to face consistent challenges such as the impacts of inflation and difficulty finding qualified employees,” Gibson added. “We continue to build and deploy innovative solutions to address the issues facing small- and mid-sized businesses, including Paychex Recruiting Copilot, Paychex Flex® Perks, and Paychex Funding Solutions.”
Jobs Index and Wage Data Highlights
- The national Small Business Jobs Index dipped 0.29 percentage points to 99.75 in March, slightly below the pace set at the end of the past two quarters.
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Hourly earnings growth (
2.91% ) remained below three percent for the fifth consecutive month in March, while one-month annualized hourly earnings growth (3.51% ) outpaced annual growth (2.91% ) for the fourth-straight month. - The Midwest remained the top region for the 10th consecutive month, despite slowing 0.58 percentage points in March to 99.96.
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Texas (100.85) continued to lead states for small business job growth in March. -
Consistently among the top metros in recent months,
Minneapolis (102.52) gained 1.87 percentage points to move into first place in March. - The Manufacturing (99.30) industry has gained 1.05 percentage points during the first quarter of 2025, best among sectors.
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Paced by Manufacturing,
Tampa topped metros in March for hourly earnings growth (4.20% ) and weekly earnings growth (4.00% ).
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
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Media Contacts
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Paychex, Inc.
Manager, Public Relations
(585) 387-6705
tvolkmann@paychex.com
@Paychex
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Source: Paychex, Inc.
FAQ
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