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Paychex-IHS Small Business Jobs Index decreased to 100.34 in October
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The Paychex | IHS Small Business Jobs Index decreased in October, moving from 100.44 to 100.34. Although small business employment remains positive, with an index level above 100, the national index has moderated, declining 0.31 percent in the last quarter and 0.49 percent over the past year. The Mountain region was once again the top-performing regional index. Washington rose to the top spot among states, followed by Texas and Georgia, all with index levels at 102 or higher. Dallas continues as the top-ranked metro area by a wide margin. Other Services (except Public Administration)*, as defined by the Bureau of Labor Statistics, ranks as the top industry sector for small business employment growth at 104.21. The Construction industry ranks second with an index above 101 for more than four years.
"The Paychex | IHS Small Business Jobs Index retreated again in October, for the third consecutive month," said James Diffley, chief regional economist at IHS. "Nevertheless, at 100.34, small business job gains proceed at a pace 0.34 percent faster than in our base period 10 years ago."
"Even though the pace of small business growth has slowed, the index has consistently been above 100, indicating a slow, but steady continuation of job gains," said Martin Mucci, president and CEO of Paychex.
The national index has trended downward throughout the year, now 0.50 percent below its 2015 high in February. While job gains continue, with the index level above 100, this is the first time the pace of small business growth has slowed for three straight months since early 2013. The rate of job growth decreased in eight of the nine regions during the past month as well as the past year, with New England only marginally increasing, 0.04 percent in October and 0.08 percent since October 2014.
Posted: November 3, 2015 Tuesday 07:30 AM