Small Business Job Growth Slows In July; There is a slight increase in hourly earnings

Rochester, NY, August 2, 2022 /PRNewswire/ — Hiring slowed for the fifth straight month at US small businesses, according to the latest Paychex. IHS Markit Small Business Employment Watch. The Small Business Jobs Index declined by -0.66 percent from the previous month and stood at 100.14. The pace of wage growth has slowed slightly over the past month, with average hourly earnings growth at 5.08 percent compared to 5.13 percent. June 2022,

“As the national GDP is flat, the Small Business Jobs Index also slowed significantly in July,” said James DiffleyChief Regional Economist at IHS Markit. “With index levels above 100, we are seeing continued job growth, but the pace of that growth has declined.”

“For nearly two years, businesses added employees at a rapid pace to offset losses during the pandemic,” it said. Martin MukkiCEO of Paychex. “While growth has slowed, additional analysis of our customer base indicates that demand for workers remains strong, while a lack of available applicants is slowing overall job growth.”

The July report showed in more detail:

  • The jobs index declined across sectors in July, with the West slowing the most (-0.81 per cent).
  • At 100.67, the South continues as the strongest region for small business employment growth.
  • North Carolina The new top state for employment growth is; Florida New top state for hourly earnings growth.
  • Dallas U.S. metros continue to lead in small business job growth and hourly earnings growth for workers.
  • Other services (except public administration) remained the top sector for job growth in July at 103.11.

Paychex solutions reach 1 in 12 US private sector employees, making the small business employment watch an industry benchmark. Drawing from payroll data from approximately 350,000 Paychex customers with fewer than 50 employees, the monthly report examines regional, state, metro and industry sector activity along with analysis of national employment and salary trends.

Full results for July, including interactive charts detailing all data, are available at www.paychex.com/watch. Highlights are available below.

National Jobs Index

  • The national index declined in July, down 0.66 per cent from the previous month.
  • The small business employment growth rate slowed for the fifth consecutive month from 101.33 in February to 100.14 in July.
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national salary report

  • At 5.08 percent, hourly earnings growth slowed for the second month in a row.
  • Weekly earnings growth for the fifth consecutive month jumped from 3.95 per cent in February to 4.62 per cent in July.
  • Although negative (-0.35 percent) in July, weekly hourly-work growth improved this month, reaching an all-time high this year.

Regional Jobs Index

  • All regions declined in July, with the West slowing the most (-0.81 per cent).
  • At 100.67, South leads the regional index for the fourth consecutive month.
  • The West (99.84) and the Midwest (99.67) both fell below 100 in July.

Note: Percentages displayed in regional heat maps reflect 12-month changes.

regional salary report

  • At 5.59 percent, hourly earnings growth in the South was 15. grew forth consecutive month. In addition, the South led weekly income and employment growth.
  • For the third consecutive month, the Northeast was the only region where hourly earnings growth was below five per cent (4.53 per cent) and weekly earnings growth was below four per cent (3.92 per cent).

Note: Percentages displayed in regional heat maps reflect 12-month changes.

State Jobs Index

  • at 102.68, North Carolina Led the states by a huge margin.
  • Tennessee (0.20 percent) and Arizona (0.08 per cent) was the only state index to improve in July.
  • four states (Wisconsin, Indiana, MissouriAnd Massachusetts) fell one percent each July.

Note: Analysis is provided for the 20 largest states by population in the US.

state salary report

  • Florida Ranked first among states in hourly earnings growth (6.34 percent) as well as weekly earnings growth (5.84 percent). Although, Arizona, ohioAnd Indiana were not far behind as each of them had an hourly earnings growth of over 6 percent.
  • Virginia It was the only state with an hourly income growth of less than 4 percent.
  • None of the 20 states analyzed had increased weekly working hours.

Note: Analysis is provided for the 20 largest states by population in the US.

Metropolitan Jobs Index

  • 104.02 hrs, Dallas continued to lead the metropolis despite being the second largest
    One month shortfall (-1.34 percent).
  • another Texas Metro, houstonwas second at 101.97 and was one of only two metropolitan cities (houston And marvel) to improve its index level in July.
  • california The three lowest-ranked metropolises are home to: San Francisco, riversideAnd San Diego, San Francisco Slowing 1.60 percent in July, the most significant drop, and once again the lowest ranked metro (98.49).
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Note: Analysis is provided for the 20 largest metro areas based on US population.

Mahanagar Salary Report

  • Dallas Metros led in hourly earnings growth (7.30 percent), 22 . growing up forRa consecutive month. Although Dallas It also led employment growth by a wide margin, with its weekly hour-of-work growth (-1.25 percent) ranked last among metros.
  • tampa (6.30 percent), then Dallas (6.19 percent), and miami (6.13 per cent), topped the weekly earnings growth in metros in July.
  • houston (0.28 percent) and tampa There were only two metropolitan cities with positive weekly hourly-work growth (0.10 per cent).

Note: Analysis is provided for the 20 largest metro areas based on US population.

Industry Jobs Index

  • At 103.11, other services (except public administration) remained the top sector for July.
  • Leisure and hospitality saw the biggest contraction among sectors for the sixth consecutive month, down 1.99 per cent at 101.14.

Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found Here, Other services (excluding public administration) The industry category includes religious, civil and social organizations as well as personal services, including automotive and home repair, salons, drycleaners and other businesses.

industry salary report

  • At 7.15 percent, other services (except public administration) led the hourly earnings growth among industries. Another three-month annual growth also remained above 7 percent.
  • Hourly earnings growth (6.28 per cent) in leisure and hospitality slowed for the sixth consecutive month. One-month annual hourly earnings fell to 1.78 percent.
  • Construction was the only sector with positive weekly hourly-work growth (0.38 percent). Leisure and hospitality were ranked lowest (-1.64 percent).

Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found Here, Other services (excluding public administration) The industry category includes religious, civil and social organizations as well as personal services, including automotive and home repair, salons, drycleaners and other businesses.

For more information about Paychex | IHS Markit Small Business Employment Watch, Visit www.paychex.com/watch And Sign up To receive monthly Employment Watch alerts.

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*Information about the businesses involved in the industry data can be found at Bureau of Labor Statistics Website,

About Paychex | IHS Markit Small Business Employment Watch

paychex | IHS Markit Small Business Employment Watch Monthly by Paychex, Inc. Ltd., a leading provider of integrated human capital management software solutions for human resources, payroll, benefits and insurance services, and IHS Markit, a world leader in critical information analysis. , and expertise. Focused exclusively on small businesses with fewer than 50 employees, the monthly report examines regional, state, metro and industry sector activity along with analysis of national employment and salary trends. Drawing from payroll data from nearly 350,000 Paychex customers, this powerful tool provides real-time insight into the small business trends driving the US 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. Combining innovative software-as-a-service technology and mobility platforms with dedicated, personalized service, Paychex empowers business owners to focus on growing and managing their business. Backed by 50 years of industry expertise, Paychex serves over 730,000 payroll customers 31 May 2022 in America and Europe, and pays one in every 12 US private sector employees. Learn more about Paychex www.paychex.com and stay connected Twitter And linkedin,

IHS Markit (NYSE: INFO) is a world leader in critical information, analysis and solutions for the key industries and markets that drive economies around the world. The company provides next-generation information, analysis and solutions to clients 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. the headquarters LondonIHS Markit is committed to sustainable, profitable growth.

IHS Markets is a registered trademark of IHS Markets Limited and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2021 IHS Markets Limited. All rights reserved.

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Lisa Fleming
Paychex, Inc.
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IHS Market
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Source Paychex, Inc.