Research >> Economics
Paychex-IHS Small Business Jobs Index slowing to 99.89 in October
The Paychex | IHS Markit Small Business Employment Watch shows a slight slowdown in small business job growth, with wage growth also showing a small decline over the past month. The Small Business Jobs Index stands at 99.89, moderating 0.04 percent from the previous month. After reaching a milestone three percent growth rate in August, hourly earnings growth has slowed slightly in the past two months. Hourly earnings in October were $26.07, a gain of 2.91 percent ($0.74) year-over year.
“With a national index level of 99.89, small business job growth continues to moderate, slowing for the eighth consecutive month,” said James Diffley, chief regional economist at IHS Markit.
“While generally stable, the national jobs index dropped slightly in October, undoubtedly impacted to some degree by those communities recently disrupted by natural disasters,” said Martin Mucci, Paychex president and CEO. “In line with last month’s results, we continued to see a slowdown in hours worked in those places recovering from hurricanes in August and September, specifically Houston, Miami, and Tampa.”
At 99.89 in October and moving just 0.09 percent since July, the past three months represent the most stable quarter in the history of the Small Business Jobs Index
Hourly earnings in October were $26.07, up 2.91 ($0.74) percent year-over-year and slowing slightly from recent months
Hours worked in Houston, Miami, and Tampa continue to be negatively impacted by the aftermath of Hurricanes Harvey and Irma
Posted: October 31, 2017 Tuesday 08:30 AM