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Paychex-IHS Small Business Jobs Index increased to 99.60 in May
The Paychex | IHS Markit Small Business Employment Watch for May shows a small increase in the rate of hiring and a slight decrease in the pace of wage growth. The Small Business Jobs Index grew for the first time since January, up 0.07 percent to 99.60. Job growth among small businesses is down 0.73 percent year-over year, reflecting tightening labor markets. Hourly earnings grew $0.67 to $26.61, up 2.59 percent from last year. The pace of annual wage growth is down from its peak of 2.96 percent in June 2017, but one-month (2.80 percent) and three-month (2.86 percent) annualized hourly earnings growth continue to trend higher than the annual rate.
"The national index saw a slight improvement in May, its first since January, but remains below 100," said James Diffley, chief regional economist at IHS Markit.
“It’s encouraging to see the jobs index increase for the first time since January. The modest rate of growth in small business employment reflects the continuing pressure of the tightening labor market,” said Martin Mucci, Paychex president and CEO.
The Small Business Jobs Index increased 0.07 percent to 99.60 in May
At $26.61, hourly earnings growth increased 2.59 percent YOY ($0.67); one-month and three-month annualized hourly earnings growth continue to trend higher than the annual rate
South leads regions in employment growth; West ranks highest for wage growth
Texas ranks first in state job growth; Arizona remains first in annual hourly earnings growth
Denver continues to lead metros in job growth; Phoenix remains first among metros in wage growth.
At 100.30, Construction has been above 100 for the past six years; Trade, Transportation, and Utilities leads weekly earnings growth among industries (4.07 percent)
Posted: May 29, 2018 Tuesday 08:30 AM