PR Newswire
ROCHESTER, N.Y., May 2, 2023
Small business job growth remains above pre-pandemic levels
ROCHESTER, N.Y., May 2, 2023 /PRNewswire/ -- Small business hourly earnings growth over the past 12 months declined again in April to 4.52 percent according to the Paychex | IHS Markit Small Business Employment Watch. After increasing every month in 2023, the Small Business Jobs Index, which measures the change in national employment growth for businesses with less than 50 employees, declined slightly by 0.24 percent from March and now stands at 99.49 in April.
"While the jobs index dropped in April, we are still experiencing a rate of growth that is better than pre-pandemic levels," said James Diffley, chief regional economist, S&P Global Market Intelligence.
"Our April data shows wage growth is slowing, signaling that the Fed's efforts to pull back inflation are succeeding," said John Gibson, Paychex president and CEO. "Small business owners continue to successfully navigate a variety of macro issues including the cost of and access to capital, historically low labor participation rates, and the transition of the workforce to Generation Z."
Today, Paychex also released a new supplemental Small Business Employment Watch report, focused on the emerging role of Generation Z, the only generation in the workforce that is currently showing growth. Gen Z (born 1997-2012) recently surpassed Baby Boomers (born 1946-1964) as a percentage of the small business workforce. To learn more about the findings, read "The Rise of Generation Z: A Paychex Special Report."
In further detail, the April 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 April, 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
Regional Wage Report
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.
For more information about the Paychex | IHS Markit Small Business Employment Watch, visit www.paychex.com/watch and sign up to receive monthly Employment Watch alerts.
*Information regarding the professions included in the industry data can be found at the Bureau of Labor Statistics website.
About the Paychex | IHS Markit Small Business Employment Watch
The Paychex | IHS Markit Small Business Employment Watch is released each month by Paychex, Inc., a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small-to medium-sized businesses, and S&P Global Market Intelligence, a Division of S&P Global (NYSE: SPGI), which merged with IHS Markit in 2022 and is a provider of information services and solutions to global markets. Focused exclusively on small business, the monthly report offers analysis of national employment and wage trends, as well as examines regional, state, metro, and industry sector activity. Drawing from the payroll data of approximately 350,000 Paychex clients, this powerful tool delivers real-time insights into the small business trends driving the U.S. economy.
About Paychex
Paychex, Inc. (Nasdaq: PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits, and insurance services. By combining innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers business owners to focus on the growth and management of their business. Backed by 50 years of industry expertise, Paychex serves more than 730,000 payroll clients as of May 31, 2022 in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting www.paychex.com and stay connected on Twitter and LinkedIn.
About S&P Global Market Intelligence
At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. Our team of experts delivers unrivaled insights and leading data and technology solutions, partnering with customers to expand their perspective, operate with confidence, and make decisions with conviction.
S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/marketintelligence.
Media Contacts
Chris Muller
Paychex, Inc.
+1 585-338-4346
cmuller@paychex.com
@Paychex
Kate Smith
S&P Global Market Intelligence
+1 781-301-9311
katherine.smith@spglobal.com
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SOURCE Paychex, Inc.
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