U.S. Small Businesses Continue to Show Moderate Job Growth and Wage Inflation Continues to Moderate
05 Mars 2024 - 2:30PM
Business Wire
According to the Paychex Small Business Employment Watch,
year-over-year hourly earnings growth for U.S. workers moderated to
3.42% in February, continuing a trend that began mid-2022. Small
business job growth held steady from last month, with the national
Small Business Jobs Index closing February at 100.67.
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The February Paychex Small Business
Employment Watch showed hourly earnings growth for U.S. workers at
3.42% and a national jobs index of 100.67. (Graphic: Business
Wire)
“While our index continues to show job growth in businesses with
fewer than 50 workers, it has now remained below pre-pandemic
levels for two months. For the first time since March 2021, a major
region has fallen below 100 (West: 99.81),” says John Gibson,
Paychex president and CEO. “A tight job market for qualified
candidates, access to affordable growth capital, and concerns about
inflation continue to constrain small business owners from reaching
their full growth potential.”
“Wage growth for small business workers continues to moderate,
most notably for weekly earnings in Leisure and Hospitality. The
sector fell below three percent (2.58%) for the first time since
January of 2021 and is down from a peak of 10.35%,” adds
Gibson.
Jobs Index and Wage Data Highlights:
- The national index for February (100.67) continued to show slow
and steady growth, down just 0.26 percentage points since July
2023.
- National hourly earnings growth moderated to 3.42%
year-over-year, continuing a measured deceleration that began in
May 2022.
- The West (3.87%) led regional hourly earnings growth for the
ninth month in a row, and job growth fell below 100 for the first
time since March 2021.
- The South reported the weakest hourly earnings growth (3.11%)
among regions in February. It remained the strongest region for
small business employment growth (101.35), a designation it has
held for 17 of the last 18 months.
- Small business job gains in Leisure and Hospitality (100.24)
continue to level off after pandemic surges, down 0.35 percentage
points from last month and 5.09 percentage points from last
year.
The complete Small Business Employment Watch results for
February 2024, including interactive charts detailing the data at a
national, regional, state, metro, and industry sector level are
available at www.paychex.com/watch. Learn more and sign up to
receive monthly Employment Watch alerts.
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 less
than 50 workers, the monthly report offers analysis of national
employment and wage trends, as well as 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 U.S. economy.
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 approximately 740,000 customers in the
U.S. and Europe and pays one out of every 12 American private
sector employees. The more than 16,000 people at Paychex are
committed to helping businesses succeed and building thriving
communities where they work and live. Visit paychex.com to learn
more.
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Media Contacts Tracy Volkmann Paychex, Inc. (585)
387-6705 tvolkman@paychex.com @Paychex
Colleen Bennis Matter Communications Account Director (585)
666-9510 cbennis@matternow.com
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