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Paychex-IHS Small Business Jobs Index Declined to 99.70 in December
The Paychex | IHS Markit Small Business Employment Watch closed the year with a decline in small business job growth and wages up over the previous year. The Small Business Jobs Index stands at 99.70 in December, down 0.16 percent for the month and 0.78 percent for the year. At $26.14, hourly earnings in December gained 2.76 percent ($0.70) YOY and averaged a growth rate of 2.85 percent for 2017, up from the 2016 average of 2.75 percent.
“Small business job growth has slowed in 2017, even as the rest of the economy accelerated,” said James Diffley, chief regional economist at IHS Markit.
“While small business jobs growth slowed this year, it’s important to recall that small businesses led the hiring surge coming out of the recession and maintained high levels of growth for quite some time,” said Martin Mucci, Paychex president and CEO. “It will be interesting to see the impact tax reform makes on job and wage growth in the months ahead.”
The Small Business Jobs Index declined 0.16 percent in December, closing the year at 99.70.
Hourly earnings in December were $26.14, up 2.76 percent YOY and averaged an increase of 2.85 percent for 2017.
South leads regions in employment growth; West ranks highest for wage growth.
Tennessee continues to lead job growth; Arizona ranks first in annual hourly earnings growth.
Seattle is top metro for small business jobs; Phoenix leads in small business wage growth.
Growth rates for small business jobs in Manufacturing are on the rise; Weekly earnings for Construction climb.
Posted: January 2, 2018 Tuesday 08:30 AM