U.S. Small Business Job and Wage Growth Remain Steady
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The Paychex Small Business Employment Watch showed the first increase in small business job growth in three months in March. Hourly earnings for workers moderated to 3.27%. (Photo: Business Wire)
“An increase in the jobs index coupled with a continued moderation of wage growth reflects a relatively stable macroeconomic environment,” said
“Our clients tell us they are still struggling to find qualified employees and we continue to be committed to providing them with the right HCM technology, tools, and advisory services that will help them attract and retain talent,” added Gibson. “We’ve also seen that offering affordable benefits like healthcare insurance and retirement plans can help business owners compete for talent.”
Jobs Index and Wage Data Highlights:
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With a national jobs index of 100.85 in March, the pace of small business job growth increased for the first time in 2024. The current national index is 1.01 percentage points below the mark set in
March 2023 (101.86). - Weekly earnings growth 3.05% in March as weekly hours worked remained down slightly year-over-year.
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The Midwest overtook the South as the top-ranked region with four of the top five states for small business job growth being in the Midwest.
Indiana led all states with a jobs index of 102.88. - All regions and every industry except Manufacturing showed positive job growth in March.
The complete Small Business Employment Watch results for
About the Paychex Small Business Employment Watch
The Paychex Small Business Employment Watch is released each month by
About
View source version on businesswire.com: https://www.businesswire.com/news/home/20240403444503/en/
Media
Manager, Public Relations
(585) 387-6705
tvolkman@paychex.com
@Paychex
Account Director
(585) 666-9510
cbennis@matternow.com
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