Small business hourly earnings growth hit 3.00 percent in October
The tight labor market positively impacted wage growth in October, according to the latest Paychex | IHS Markit Small Business Employment Watch. Hourly earnings are on the rise, reaching 3.00 percent ($0.80) growth in October. Additionally, after hovering just above two percent to start the year, weekly earnings growth has quickly improved to 3.36 percent as month-to-month gains grow larger. At 98.14, the national jobs index remains essentially the same as last month (98.22).
“There was little change in the jobs index in October, but hourly earnings growth continued to accelerate, and weekly earnings gains reached a new series high, 3.36 percent,” said James Diffley, chief regional economist at IHS Markit.
“The recruitment and retention challenges presented by this tight labor market are becoming more noticably reflected in employees’ paychecks,” said Martin Mucci, Paychex president and CEO. “We anticipate wage growth will continue as employers work to attract and keep top talent.”
Broken down further, the October report showed:
The complete results for October, 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
Note: Percentages displayed in the regional heat map reflect 12-month changes.
Regional Wage Report
Note: Percentages displayed in the regional heat map reflect 12-month changes.
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: Analysis is provided for the 20 largest metro areas based on U.S. population.
Metropolitan Wage Report
Note: Analysis is provided for the 20 largest metro areas based on U.S. population.
Industry Jobs Index
Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found here. The Other Services (excluding Public Administration) industry category includes religious, civic, and social organizations, as well as personal services, including automotive and household repair, salons, drycleaners, and other businesses.
Industry Wage Report
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