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Workers continue to see earnings gains as pace of job growth slows, survey shows
Workers continue to see earnings gains as pace of job growth slows, survey shows
Workers at U.S. small businesses saw the 12th consecutive month of increasing hourly earnings gains, while the pace of job growth slowed in May, according to the latest Paychex | IHS Markit Small Business Employment Watch.
The May report shows average hourly earnings stand at $30.31, up by 5.19 percent from a year ago.
The Small Business Jobs Index, which measures the year-over-year rate of employment growth, decreased 0.27 percent from the previous month to an index level of 100.87.
“After holding near an eight year high in April, small business job growth was down in May,” said Martin Mucci, Paychex CEO, in a release. “Despite the one-month change, job growth at U.S. small businesses remains strong even in the face of the tight labor market and inflation pressures.”
The May report also showed that the south continued as the top region for small business job growth, Texas was once again the leading state, and Dallas continued as the top metro. In addition, leisure and hospitality leads the industry sectors in both small business job growth and hourly earnings growth.
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