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Paychex-IHS Small Business Jobs Index declined to 100.41 in October
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The Paychex | IHS Small Business Jobs Index declined in October, down 0.11 percent from the previous month to 100.41. September and October marked the first consecutive declines in 2016, as the national index is down 0.27 percent for the quarter. Despite this, the national index remains 0.06 percent above last year. The South Atlantic and East South Central lead regions with the fastest and strongest job growth. Washington continues as the top-ranked state index, up 1.50 percent from last year. Texas fell eight spots in October and now ranks 18th among states, with its index below 100 for the first time since 2010. Seattle maintains its large lead among metro areas with an index of 104.68, with Atlanta a strong second at 102.81. Though it remains well above 100 and third among industries, small business employment growth in Construction fell in October for the fourth consecutive month.
“The Paychex | IHS Small Business Jobs Index remains 0.06 percent above the level of growth from a year ago, though the national index has declined to its lowest point of 2016,” said James Diffley, chief regional economist at IHS Markit.
“Uncertainty about what the future may bring is always a factor during a presidential election, and the most recent two months indicate that the election is likely one factor contributing to a slowing of small business employment growth,” said Martin Mucci, Paychex president and CEO.
Posted: November 1, 2016 Tuesday 08:30 AM