Hiring at U.S. small businesses slowed for the fifth consecutive month, according to a new report. The Small Business Jobs Index moderated -0.66 percent from the previous month and stands at 100.14. The pace of wage increases slowed slightly from the previous month, with average hourly earnings growth at 5.08 percent compared to 5.13 percent in June 2022.
“As the national GDP flattens, the Small Business Jobs Index also slowed significantly in July,” said James Diffley, chief regional economist at IHS Markit. “With an index level above 100, we’re seeing continued job growth, but the pace of that growth has declined.”
“For nearly two years, businesses added staff at a rapid pace to make up for the losses experienced during the pandemic,” said Martin Mucci, Paychex CEO. “While the growth rate has slowed, additional analysis of our client base indicates demand for workers continues to be robust while the shortage of available applicants is slowing the overall job growth rate.”
In further detail, the July Paychex | IHS Markit Small Business Employment Watch report showed:
Paychex solutions reach 1 in 12 American private-sector employees, making the Small Business Employment Watch an industry benchmark. Drawing from the payroll data of approximately 350,000 Paychex clients with fewer than 50 employees, the monthly report offers analysis of national employment and wage trends, as well as examines regional, state, metro, and industry sector activity.
The complete results for July, including interactive charts detailing all data, are available at www.paychex.com/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 (except 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
Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found here. The other services (except 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.
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