A new report out Tuesday continued to reflect signs of the tight labor market. At 98.93, the Small Business Jobs Index was unchanged in February, remaining just below 99. Though the rate of job growth has stayed relatively consistent over the past three months, the national index is down 0.84 percent year-over-year, according to the Paychex | IHS Markit Small Business Employment Watch. Hourly earnings growth improved once again from the previous month, up 2.50 percent ($0.66). One-month and three-month annualized growth rates for weekly hours worked were positive in February. As a result, weekly earnings growth also increased for the first time since last summer.
“Small business job growth remains weak in this very low unemployment economy,” said James Diffley, chief regional economist at IHS Markit.
“Businesses continue to face challenging hiring conditions due to the tight labor market,” said Martin Mucci, Paychex president and CEO. “Our latest survey of business owners reinforces this – it shows the ability to fill open positions with qualified candidates continues to be a challenge.”
Broken down further by geography and industry, the February report showed:
The complete results for February, including interactive charts detailing all data at a national, regional, state, metro, and industry level, are available at www.paychex.com/employment-watch. Highlights are available below.
National Jobs Index
National Wage Report
Regional Jobs Index
Regional Wage Report
State Jobs Index
Note: Analysis is provided for the 20 largest states based on U.S. population.
State Wage Report
Note: Analysis is provided for the 20 largest states based on U.S. population.
Metropolitan Jobs Index
Note: As of February 2019, Baltimore replaced St. Louis on the Small Business Employment Watch analysis of the 20 largest metro areas based on U.S. population.
Metropolitan Wage Report
Note: As of February 2019, Baltimore replaced St. Louis on the Small Business Employment Watch analysis of the 20 largest metro areas based on U.S. population.
Industry Jobs Index
Note: Analysis is provided for seven major industry sectors.
Industry Wage Report
Note: Analysis is provided for seven major industry sectors.
For more information about the Paychex | IHS Markit Small Business Employment Watch, visit www.paychex.com/employment-watch and sign up to receive monthly Employment Watch alerts.
*Information regarding the professions included in the industry data can be found at the Bureau of Labor Statistics website.
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