Small Businesses Continue to Show Moderate Job Growth in October
The Paychex Small Business Employment Watch reported a national index level of 100.06 for small business job growth in October 2024. The jobs index averaged 100.29 through the first 10 months, showing modest growth in businesses with fewer than 50 employees. Hourly earnings growth reached 3.02%, while weekly earnings remained below 3% for nine consecutive months. The report highlighted significant impacts from hurricanes Milton and Helene, with Florida's index falling below 100 for the first time since March 2021, and Tampa experiencing a 1.81 percentage-point decrease. The Midwest led regional growth at 100.79, driven by gains in Education and Health Services.
Il Paychex Small Business Employment Watch ha riportato un livello dell'indice nazionale di 100.06 per la crescita occupazionale nelle piccole imprese nell'ottobre del 2024. L'indice per i lavori ha avuto una media di 100.29 nei primi 10 mesi, mostrando una crescita modesta nelle aziende con meno di 50 dipendenti. La crescita degli stipendi orari ha raggiunto il 3.02%, mentre la crescita settimanale è rimasta sotto il 3% per nove mesi consecutivi. Il rapporto ha evidenziato impatti significativi dagli uragani Milton e Helene, con l'indice della Florida sceso sotto 100 per la prima volta da marzo 2021, e Tampa che ha registrato una diminuzione di 1.81 punti percentuali. Il Midwest ha guidato la crescita regionale con un indice di 100.79, supportato da guadagni nei settori dell'Istruzione e dei Servizi Sanitari.
El Paychex Small Business Employment Watch reportó un nivel de índice nacional de 100.06 para el crecimiento del empleo en pequeñas empresas en octubre de 2024. El índice de empleos promedió 100.29 durante los primeros 10 meses, mostrando un crecimiento modesto en empresas con menos de 50 empleados. El crecimiento de los ingresos por hora alcanzó el 3.02%, mientras que los ingresos semanales se mantuvieron por debajo del 3% durante nueve meses consecutivos. El informe destacó impactos significativos de los huracanes Milton y Helene, con el índice de Florida cayendo por debajo de 100 por primera vez desde marzo de 2021, y Tampa experimentando una disminución de 1.81 puntos porcentuales. El Midwest lideró el crecimiento regional con un índice de 100.79, impulsado por ganancias en Educación y Servicios de Salud.
Paychex 소상공인 고용 관측소는 2024년 10월 소상공인 일자리 성장에 대한 전국 지수 수준 100.06을 보고했습니다. 일자리 지수는 처음 10개월 동안 평균 100.29로, 50명 미만의 직원이 있는 기업에서 완만한 성장을 나타냈습니다. 시간당 수입 성장률은 3.02%에 도달했지만, 주간 수입은 9개월 연속 3% 이하에 머물렀습니다. 보고서는 밀턴과 헬렌 허리케인으로 인한 상당한 영향을 강조했으며, 플로리다의 지수는 2021년 3월 이후 처음으로 100 아래로 떨어졌고, 탬파는 1.81포인트 감소를 경험했습니다. 중서부 지역은 100.79로 지역 성장을 이끌었으며, 교육 및 건강 서비스 분야에서의 성장이 이끌었습니다.
Le Paychex Small Business Employment Watch a rapporté un niveau d'indice national de 100.06 pour la croissance de l'emploi dans les petites entreprises en octobre 2024. L'indice des emplois a eu une moyenne de 100.29 au cours des 10 premiers mois, montrant une croissance modeste dans les entreprises de moins de 50 employés. La croissance des salaires horaires a atteint 3.02%, tandis que les revenus hebdomadaires sont restés inférieurs à 3% pendant neuf mois consécutifs. Le rapport a souligné les impacts significatifs des ouragans Milton et Helene, avec l'indice de la Floride tombant sous 100 pour la première fois depuis mars 2021, et Tampa connaissant une baisse de 1.81 points de pourcentage. Le Midwest a conduit la croissance régionale avec un indice de 100.79, soutenu par des gains dans l'éducation et les services de santé.
Der Paychex Small Business Employment Watch berichtete von einem nationalen Indexniveau von 100.06 für das Beschäftigungswachstum in kleinen Unternehmen im Oktober 2024. Der Arbeitsindex hatte über die ersten 10 Monate einen Durchschnitt von 100.29, was ein moderates Wachstum in Unternehmen mit weniger als 50 Mitarbeitern zeigt. Das Wachstum der Stundenlöhne erreichte 3.02%, während die wöchentlichen Einnahmen neun aufeinanderfolgende Monate unter 3% blieben. Der Bericht hob die erheblichen Auswirkungen der Hurrikane Milton und Helene hervor, wobei der Index in Florida zum ersten Mal seit März 2021 unter 100 fiel und Tampa einen Rückgang um 1.81 Prozentpunkte erlebte. Der Mittlere Westen führte das regionale Wachstum mit 100.79 an, unterstützt von Zuwächsen in Bildung und Gesundheitsdienstleistungen.
- Jobs index maintains positive territory at 100.06, indicating continued growth
- Hourly earnings growth increased to 3.02% in October
- Midwest region shows strong performance with 100.79 index, leading for fifth consecutive month
- Weekly earnings growth remained below 3% for ninth straight month
- Weekly hours worked declined for 19th consecutive month (-0.20%)
- Hurricane impact caused significant job losses in Florida (99.62) and North Carolina (99.80)
- Tampa experienced sharp 1.81 percentage point decrease in employment
Insights
The latest Paychex Small Business Employment Watch reveals a complex economic landscape. The jobs index of 100.06 and year-to-date average of 100.29 indicate continued but modest job growth in small businesses. However, there are concerning signals in wage growth metrics. Hourly earnings growth of
The regional impact of natural disasters, particularly in Florida and North Carolina, has created temporary market disruptions. The Midwest's emergence as a growth leader, driven by Education and Health Services sectors, suggests a geographical shift in small business dynamics. The persistent negative weekly hours worked growth for 19 straight months indicates broader structural changes in employment patterns.
Paychex Small Business Employment Watch also shows the immediate impact of recent hurricanes in
According to the Paychex Small Business Employment Watch for October, the national small business jobs index has averaged 100.29 so far in 2024, representing modest employment growth. (Graphic: Business Wire)
The October report was impacted by multiple hurricanes. The jobs index in
“Given the near real-time nature of our data collection, we can already see the unfortunate aftereffects of Hurricanes Milton and Helene on small businesses in
“As we enter the last quarter of 2024, we continue to see moderate, stable job growth for small businesses and earnings for their workers remaining steady,”
Jobs Index and Wage Data Highlights
- The national small business jobs index has averaged 100.29 so far in 2024, representing modest employment growth.
-
National hourly earnings growth increased marginally to
3.02% in October. Three-month annualized hourly earnings growth has been reported below three percent for the past six months. -
Weekly hours worked growth (-
0.20% ) across theU.S. remained negative year-over-year for the 19th consecutive month. -
The Midwest (100.79) gained 0.40 percentage points in October and remained the top region for small business employment growth for the fifth consecutive month. Strong gains in Education and Health Services across top-ranked
Indiana ,Michigan ,Ohio , andWisconsin contributed most to job growth in the region.
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/20241029979007/en/
Tracy Volkmann
Paychex, Inc.
Manager, Public Relations
(585) 387-6705
tvolkman@paychex.com
@Paychex
Emily Walsh
Highwire Public Relations
Account Executive
(914) 815-8846
paychex@highwirepr.com
Source: Paychex
FAQ
What was Paychex (PAYX) small business job growth index in October 2024?
How did hurricanes affect small business employment in Florida according to Paychex (PAYX)?
What was the hourly earnings growth rate for Paychex (PAYX) small businesses in October 2024?
Which region led small business employment growth in Paychex's (PAYX) October 2024 report?
