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Paychex-IHS Small Business Jobs Index decreased to 99.98 in July
The Paychex | IHS Markit Small Business Employment Watch shows another monthly slowdown in small business jobs growth, while wages continue to rise at a steady pace. The Small Business Jobs Index dropped to 99.98 in July, 0.70 percent lower than in July 2016. An index level of 100 equates to moderate job gains, represented by the employment growth levels seen during the 2004 base year. National hourly earnings in July were $25.90, an increase of 2.94 percent ($0.74) year-over-year.
“At 99.98, the Small Business Jobs Index slowed for the fifth consecutive month, falling below the national baseline for the first time since 2011,” said James Diffley, chief regional economist at IHS Markit.
“Though job growth has continued to moderate following last year’s post-election upswing, wage growth is accelerating at a decent pace,” said Martin Mucci, Paychex president and CEO. “We’re keeping a close eye on the potential impact of minimum wage increases on job growth and hours worked, as well as monitoring the effects of a tightening labor market.”
Posted: August 1, 2017 Tuesday 08:30 AM