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Paychex: Small business job growth flat, wage gains at 4-year low
Paychex: Small business job growth flat, wage gains at 4-year low
Job growth among U.S. small businesses with fewer than 50 employees remained flat in August, according to the latest Paychex Small Business Employment Watch.
The trend has held steady for the past year, while national hourly earnings growth slowed to 2.58% — its lowest rate since December 2020. It marks the 10th consecutive month wage growth has remained under 3%.
The Small Business Jobs Index, a key measure of the report, posted a level of 99.83 in August. That figure has barely shifted over the past quarter (+0.02 percentage points) and year (-0.06 percentage points), underscoring the labor market‘s steadiness.
“Our latest employment data once again underscores the stability and resilience of the small business labor market,” said John Gibson, Paychex president and CEO. “Although job growth has remained flat over the last year, the continued decline in wage inflation should create a more favorable environment for small business owners seeking to hire and compete for talent.”
Paychex noted that every U.S. region has recorded hourly earnings growth below 3% since April.
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