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Paychex-IHS Small Business Jobs Index increase to 99.88 in January
The Paychex | IHS Markit Small Business Employment Watch started the year with an increase in small business job growth and wages in January. The Small Business Jobs Index stands at 99.88, a 0.18 percent increase over December. The jobs growth rate remains below last January’s level by 0.74 percent. Hourly earnings have grown $0.72 in the past year to $26.38. January’s 12-month wages growth rate of 2.81 percent marks an improvement from 2.78 percent in December.
“Small business job growth improved 0.18 percent in January, ending a string of ten straight declines,” said James Diffley, chief regional economist at IHS Markit.
“After an extended period of uncertainty, the passing of federal tax reform at the end of last year offered clarity to business owners on the immediate future of U.S. tax policy,” said Martin Mucci, Paychex president and CEO. “While it’s still too early to see the impacts of tax reform on net pay, we’ll be keeping a close eye on this in the weeks ahead.”
At 99.88, the Small Business Jobs Index increased for the first time since February 2017
At $26.38, hourly earnings increased 2.81 percent ($0.72) year-over-year
South leads regions in employment growth; West ranks highest for wage growth
Tennessee continues to lead job growth; Arizona remains first in annual hourly earnings growth
Denver ranks first in small business job growth; Phoenix leads in small business wage growth
Small business job gains in Leisure and Hospitality improve the most among industry sectors in January; Hourly earnings for Construction climb 3.36 percent
Posted: January 30, 2018 Tuesday 08:30 AM