U.S. Small Business Job Growth Rate Remained Steady in November
The Paychex Small Business Employment Watch reports steady job growth in November 2024, with an index of 99.91 and an average of 100.25 through the first 11 months. Hourly earnings growth remained below 3% at 2.97%, while weekly earnings growth stayed at 2.84%. Notable hurricane recovery efforts were observed in the Southeast, with Florida's construction job growth increasing by 2.55 points. Texas led state job growth at 101.60, while the Midwest maintained its position as the top region for the sixth consecutive month. Tennessee ranked first in hourly earnings growth at 3.98%.
Il rapporto Paychex Small Business Employment Watch segnala una crescita costante dell'occupazione nel novembre 2024, con un indice di 99,91 e una media di 100,25 nei primi 11 mesi. La crescita degli stipendi orari è rimasta al di sotto del 3%, fissata al 2,97%, mentre la crescita degli stipendi settimanali si è mantenuta al 2,84%. Sono stati osservati sforzi notevoli di recupero dopo gli uragani nel Sud-est, con una crescita dell'occupazione nel settore edile in Florida aumentata di 2,55 punti. Il Texas ha guidato la crescita dell'occupazione statale con 101,60, mentre il Midwest ha mantenuto la sua posizione come la regione di top crescita per il sesto mese consecutivo. Il Tennessee ha ottenuto il primo posto nella crescita degli stipendi orari con un 3,98%.
El informe de Paychex Small Business Employment Watch reporta un crecimiento constante del empleo en noviembre de 2024, con un índice de 99,91 y un promedio de 100,25 durante los primeros 11 meses. El crecimiento de los salarios por hora se mantuvo por debajo del 3%, en un 2,97%, mientras que el crecimiento de los salarios semanales se quedó en un 2,84%. Se observaron esfuerzos notables de recuperación por huracanes en el Sureste, con un aumento de 2,55 puntos en el crecimiento de empleos de construcción en Florida. Texas lideró el crecimiento del empleo estatal con 101,60, mientras que el Midwest mantuvo su posición como la región de mayor crecimiento durante seis meses consecutivos. Tennessee ocupó el primer lugar en crecimiento de salarios por hora con un 3,98%.
Paychex 소기업 고용 보고서는 2024년 11월에 안정적인 일자리 증가를 보고하며, 지수는 99.91이고 처음 11개월 동안 평균은 100.25입니다. 시간당 임금 성장은 3% 미만인 2.97%로 유지되었고, 주간 임금 성장은 2.84%에서 머물렀습니다. 동남부에서는 허리케인 복구 노력이 두드러졌으며, 플로리다의 건설 일자리 성장률은 2.55포인트 증가했습니다. 텍사스는 101.60으로 주 고용 성장률을 선도했으며, 미드웨스트는 여섯 번째 연속으로 최고의 지역으로 자리잡고 있습니다. 테네시는 시간당 임금 성장률에서 3.98%로 1위를 차지했습니다.
Le rapport Paychex Small Business Employment Watch fait état d'une croissance stable de l'emploi en novembre 2024, avec un indice de 99,91 et une moyenne de 100,25 au cours des 11 premiers mois. La croissance des salaires horaires est restée en dessous de 3%, à 2,97%, tandis que la croissance des salaires hebdomadaires est restée à 2,84%. Des efforts de reprise notables ont été observés dans le Sud-Est, avec une augmentation de 2,55 points de la croissance des emplois dans la construction en Floride. Le Texas a dominé la croissance de l'emploi par état avec 101,60, tandis que le Midwest a maintenu sa position de meilleure région pour le sixième mois consécutif. Le Tennessee s'est classé premier en matière de croissance des salaires horaires avec 3,98%.
Der Paychex Small Business Employment Watch-Bericht meldet im November 2024 ein stetiges Jobwachstum mit einem Index von 99,91 und einem Durchschnitt von 100,25 in den ersten 11 Monaten. Das Wachstum der Stundenlöhne blieb mit 2,97% unter 3%, während das Wachstum der Wochenlöhne bei 2,84% verharrte. Besondere Bemühungen zur Wiederherstellung nach den Hurrikans wurden im Südosten beobachtet, wobei das Wachstum der Baujobs in Florida um 2,55 Punkte zunahm. Texas führte das staatliche Jobwachstum mit 101,60 an, während das Midwest seine Position als führende Region für den sechsten Monat in Folge behauptete. Tennessee belegte mit 3,98% den ersten Platz beim Wachstum der Stundenlöhne.
- Steady job growth index at 99.91 with year-to-date average of 100.25
- Texas showed strong job growth with 1.22 percentage point increase to 101.60
- Construction sector growth in Florida increased by 2.55 percentage points
- Midwest region maintained leadership in employment growth for 6 consecutive months
- Hourly earnings growth remained below 3% for fourth consecutive month
- Weekly earnings growth stayed below 3% for tenth consecutive month
Insights
The latest Paychex Small Business Employment Watch reveals a stable but modest employment landscape. The national jobs index at 99.91 with an average of 100.25 through 2024 indicates resilient but cautious hiring patterns. The
The regional variations are particularly noteworthy, with Texas showing remarkable strength (index 101.60) and the Midwest leading regional growth for six straight months. The hurricane recovery-driven construction surge in Florida and surrounding states represents a temporary boost rather than organic growth. This data pattern suggests a "soft landing" scenario is playing out in the small business sector, with employment holding steady despite economic headwinds.
Paychex Small Business Employment Watch showed notable hurricane recovery in Southeast region
According to the Paychex Small Business Employment Watch, small business job growth has averaged an index level of 100.25 through 11 months of 2024, representing modest employment growth. (Graphic: Business Wire)
“Our national jobs data for November, which is based on real payrolls from 350,000 Paychex customers, indicates small business owners are retaining workers as employment growth holds steady and wage growth continues to trend in a more manageable direction,” said John
Hurricane Recovery
Paychex Small Business Employment Watch data for November signaled an increase in job growth in some areas as recovery efforts continue after Hurricanes Helene and Milton:
-
Construction job growth in
Florida increased 2.55 percentage points to an index level of 99.95. -
Weekly hours worked in
North Carolina (-0.81% ) were down in November, but one-month annualized growth rebounded among sectors following Hurricane Helene.
“As anticipated, we can see an increase in construction jobs as
Jobs Index and Wage Data Highlights
-
Texas gained 1.22 percentage points as its jobs index climbed to 101.60, which led states for job growth in November.Dallas (101.07) andHouston (100.94) ranked first and second, respectively, among topU.S. metros for job growth in November. - The Midwest (100.62) remained the top region for small business employment growth for the sixth consecutive month.
-
Hourly earnings growth in
Tennessee (3.98% ) ranked first among states in November, marking the first timeTennessee has ranked first since reporting began more than 10 years ago. -
Likely due to workforce composition changes due to recent hurricanes,
Tampa (4.84% ) jumped to No. 1 among topU.S. metros for hourly earnings growth in November.
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/20241203550753/en/
Media
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, Inc.
FAQ
What was PAYX's small business job growth index in November 2024?
How much did hourly earnings grow according to PAYX's November 2024 report?
Which state led job growth in PAYX's November 2024 Employment Watch?
What was the impact of Hurricanes Helene and Milton on Florida's construction jobs?
