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Paychex-IHS Small Business Jobs Index down slightly to 99.93 in September
The Paychex | IHS Markit Small Business Employment Watch shows a slight slowdown in small business job growth in September, while wages continue at a solid pace of growth. The Small Business Jobs Index stands at 99.93, down 0.03 percent from the previous month. The national index has remained relatively flat since June. At $26.03 in September, hourly earnings gained 2.96 percent ($0.75) from a year ago, equal to the pace set in August and slightly below July’s 2.99 percent growth rate.
“From June through September, the national jobs index has settled near 100, matching the moderate small business job growth levels established during the 2004 base year,” said James Diffley, chief regional economist at IHS Markit.
“Despite minor monthly declines following a strong start to the year, small business employment continues to grow at a moderate rate, while wage growth shows sustained strength,” said Martin Mucci, Paychex president and CEO. “What’s particularly noteworthy from September’s data is the sharp decline seen in hours worked in both Miami and Houston, likely a result of the recent hurricanes.”
Posted: October 3, 2017 Tuesday 08:30 AM