Research >> Economics
Paychex-IHS Small Business Jobs Index declined to 99.53 in April
According to the latest Paychex | IHS Markit Small Business Employment Watch , wage growth accelerated in April, while the pace of monthly small business job growth continued to tighten. The Small Business Jobs Index fell 0.12 percent for the month and is down 0.96 over the past year to 99.53. Hourly earnings grew $0.70 to $26.56, up 2.69 percent from last year. One-month annualized hourly earnings growth in April was 3.25 percent, reaching a two-year high.
“The 2018 moderation in small business job growth continued apace in April, reflecting tightening labor markets across the country,” said James Diffley, chief regional economist at IHS Markit.
“The low unemployment rate is contributing to steady increases in wage growth,” said Martin Mucci, Paychex president and CEO. . “With tightening labor conditions and wages continuing to show positive momentum, business owners and HR managers will need to focus on recruitment and benefit strategies to attract and retain qualified talent.”
Wages Show Positive Momentum as Job Growth Continues to Moderate Amid Tightening Labor Market
At $26.56, hourly earnings growth increased 2.69 percent YOY ($0.70); one-month annualized hourly earnings growth increased 3.25 percent, the best rate in more than two years
The Small Business Jobs Index decreased 0.12 percent to 99.53 in April
South leads regions in employment growth; West ranks highest for wage growth
Tennessee remains the top in state job growth; Arizona remains first in annual hourly earnings growth
Denver continues to lead metros in job growth; Phoenix tops metros in wage growth
Manufacturing has seen the pace of small business job growth improve nearly one percent from last year; Leisure and Hospitality continues to lead industry sectors in hourly earnings growth
Posted: May 1, 2018 Tuesday 08:30 AM