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Report: Small-business job growth declines in May

The Paychex | IHS Markit Small Business Employment Watch index of small-business job growth declined in May to its lowest point since October 2015, while wages continued to rise.

Falling to 100.34, the Small Business Jobs Index had its weakest three-month change since July 2009. The pace of small-business job growth is 0.25 percent slower than in May 2016, Paychex reported.

Of the four regions measured nationwide, the Northeast had the lowest jobs index at 99.9. New York’s index was 99.86 in May, down 0.19 percent from a year ago.

Manufacturing, the industry with the slowest small-business jobs growth, was the only industry sector to improve in May. Construction had the weakest 12-month growth rate at -1.12 percent.

“The increased pace of small-business employment growth that we saw following the election of President Trump has slowed,” Paychex president and CEO Martin Mucci said. “Small-business owners now seem to be taking a more wait-and-see approach to hiring.”

Wages continue to rise.

In the Northeast, hourly earnings stood at $26.36 in May, up 2.77 percent from May 2016. Wages in western states grew 3.65 percent to $26.93. In New York, hourly wages grew 3.35 percent to $25.96 in May.

Follow Velvet Spicer on Twitter: @Velvet_Spicer

(c) 2017 Rochester Business Journal. To obtain permission to reprint this article, call 585-363-7269 or email [email protected]


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