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Paychex-IHS Small Business Jobs Index declined to 100.34 in May
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The Paychex | IHS Markit Small Business Employment Watch for May shows a continued decline in small business jobs growth, but an increase in wages for the fourth consecutive month. According to the report, the Small Business Jobs Index declined 0.16 percent in May to 100.34, a 0.25 percent decrease in growth year-over-year and its weakest three-month change since July 2009 (-0.44 percent). National hourly earnings in April were $25.76, increasing 2.87 percent ($0.72) year-over-year.
"After peaking in February, the Small Business Jobs Index has dropped to its lowest reading since October 2015," said James Diffley, chief regional economist at IHS Markit.
"The increased pace of small business employment growth that we saw following the election of President Trump has slowed," said Martin Mucci, Paychex president and CEO. "Small business owners now seem to be taking a more wait-and-see approach to hiring. Despite that, wages continue to rise, which is certainly good news for workers."
Posted: May 30, 2017 Tuesday 08:30 AM