PR Newswire
ROCHESTER, N.Y., July 3, 2018
ROCHESTER, N.Y., July 3, 2018 /PRNewswire/ -- The Paychex | IHS Markit Small Business Employment Watch for June shows declines in the rates of small business jobs and wage growth. Following a small increase in May, the Small Business Jobs Index dipped in June to 99.40, marking a 0.69 percent decrease year-over-year and 12 consecutive months under 100. The pace of annual wage growth moderated, falling to 2.47 percent ($0.64) in June. It is the first time since early 2016 that wage growth has been below 2.50 percent. Weekly earnings growth also slowed slightly to 2.73 percent, while weekly hours worked increased 0.20 percent year-over-year.
"At 99.40, the national index is at its lowest level since 2010, as small businesses are having difficulty hiring in the very low unemployment environment," said James Diffley, chief regional economist at IHS Markit.
"Despite the tightening labor market conditions, we're seeing only modest levels of wage growth" said Martin Mucci, Paychex president and CEO. "With the unemployment rate at historic lows, we'd expect to see accelerating wages in this type of employment market."
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.
Industry Wage Report
Note: Analysis is provided for seven major industry sectors.
For more information about the Paychex | IHS Markit Small Business Employment Watch, including interactive charts detailing all data at a national, regional, state, metro, and industry level, visit www.paychex.com/employment-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 IHS Markit, a world leader in critical information, analytics, and expertise. 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 payroll, human resources, retirement, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 45 years of industry expertise, Paychex serves over 650,000 payroll clients as of May 31, 2018, across more than 100 locations 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 IHS Markit (www.ihsmarkit.com)
IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world's leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2018 IHS Markit Ltd. All rights reserved.
Media Contacts
Lisa Fleming
Paychex, Inc.
585-387-6402
lfleming@paychex.com
@PaychexNews
Kate Smith
IHS Markit
781-301-9311
katherine.smith@ihsmarkit.com
Tess Flynn
Eric Mower + Associates
716-880-1488
tflynn@mower.com
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SOURCE Paychex, Inc.
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