Hourly Earnings Growth for U.S. Small Business Workers Increases and Job Growth Slows Amid Tight Job Market
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Small businesses continued to add jobs in April but at a slower pace. Meanwhile, hourly earnings ticked up to 3.34% for the month, ending a nearly two-year trend of deceleration. (Graphic: Business Wire)
“Our jobs index remains over 100, indicating continued year-over-year employment growth, yet the pace of growth has slowed,” said
“Hourly earnings growth increased to 3.34% in April, ending a decline that began in mid-2022.” Gibson added. “We continue to see employers controlling hours worked as weekly earnings growth is below three percent again in April, indicating that while some workers are seeing increases in their hourly rate, they may not be taking more home.”
Jobs Index and Wage Data Highlights:
- At 100.12, the national jobs index continues to represent positive job gains but is down 1.06 percentage points from last year (101.18).
- Hourly earnings growth increased to 3.34% in April, marking the end of a steady deceleration that began mid-2022. However, as weekly hours worked growth (-0.41%) remains negative year-over-year, weekly earnings growth is below three percent again in April (2.88%).
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The West (3.75%) leads regional hourly earnings growth for the 11th consecutive month.
Washington (4.91%) andSeattle (5.11%) tops states and metros, respectively, for hourly earnings growth amongU.S. small business workers. - The rate of small business job growth decelerated across all industries in April, though Education and Health Services (101.60) remains one of the strongest sectors for job growth.
- For the sixth consecutive month, Construction led growth among sectors in hourly earnings (3.85%), weekly earnings (3.80%), and weekly hours worked (0.28%).
The complete Small Business Employment Watch results for
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