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U.S. Small Business Jobs Index Remains at Peak for March 2014; Mountain Region Leading Small Business Employment Gains

Rochester, NY (April 1, 2014) – The Paychex | IHS Small Business Jobs Index grew 0.33 percent in the 12 months leading up to March, remaining at its recent peak of 101.15. The new, monthly index from Paychex, Inc. (NASDAQ: PAYX), a leading provider of payroll, human resource, and benefits outsourcing solutions for small-to medium-sized businesses, and IHS, Inc. (NYSE: IHS), a leading global source of critical information and insight, launched today and provides insight into the state of small business employment in the U.S.

The Paychex | IHS Small Business Jobs Index analyzes same-store year-over-year worker count changes to identify and track small business employment trends using real small business payroll data from the Paychex client base. The index is based on aggregated data from approximately 350,000 small businesses with fewer than 50 workers across the United States, one of the largest sample sizes of any small business index or report in the country, and provides timely, accurate insight into national, regional, state, and metro employment activity.

The March 2014 Paychex | IHS Small Business Jobs Index

National Index - March

Although it did not advance further in March, the Paychex | IHS Small Business Jobs Index remained at its recent peak level that was achieved following sharp gains in January and February. The 3-month gain was 0.40 percent.

The Paychex | IHS Small Business Jobs Index is a monthly measure of change in small business employment in the United States. The data for the index comes from a subset of the Paychex client base and is not influenced by any other source of information. The index uses a base year of 2004, a period of expansion before the start of the economic downturn. When the index trends up it is a sign of a strengthening job market, and when it trends down it is a sign of a slowdown.

"With a budget agreement at long last in place in Washington, U.S. economic growth was expected to take off in 2014," said James Diffley, chief regional economist, IHS. "The continued high level of the Paychex | IHS Small Business Jobs Index is further evidence of labor market stability and a return to job security for Americans in 2014."

"With small businesses representing nearly 95 percent of employers in the U.S., tracking the hiring trends in this segment of the market is an important tool in gauging the overall health of the U.S. economy," said Martin Mucci, president and CEO of Paychex. "Paychex is pleased to partner with IHS on what we believe will be the most timely and accurate barometer of small business employment in the U.S."

National Index

The Paychex | IHS Small Business Jobs Index remained at its peak of 101.15, achieved last month. It has increased consistently since October, and year-over-year gains of 0.33 percent in March are the largest since May 2013.

National Index Graph

Regional Employment

Tracking the same regions measured by the Bureau of Labor Statistics (BLS), the Mountain region is leading year-over-year small business employment gains; it also produced the second-fastest all-employer job growth in the nation in 2013, according to the BLS.

Regional Heatmap plus legend

State Employment

Measuring the 20 largest states based on U.S. population, Texas, Illinois, Washington, and Wisconsin lead the Paychex | IHS Small Business Jobs Index state ranking. A sharp March decline in the Missouri index pushed it to the second-lowest rank among states, joining Virginia, New Jersey, and Maryland, which have seen weak job growth since 2013.

State Chart

Metropolitan Employment

Measuring the 20 largest metro areas based on U.S. population, Dallas' small business indicator is ahead of other large metros, consistent with its robust job growth overall. Houston ranked fourth, joining Riverside, CA, and San Francisco among the top performing metros.

Metro Chart

The Paychex | IHS Small Business Jobs Index launches today from the NASDAQ Market Site in New York City with a roundtable event featuring Paychex President and CEO Martin Mucci and IHS Chief Economist Nariman Behravesh. The roundtable event will be webcast live and available for replay at http://www.media-server.com/m/p/fyxh8aey.

For more information about the Paychex | IHS Small Business Jobs Index, please visit the jobs index website. Plus, view and download the March 2014 Paychex | IHS Small Business Jobs Index infographic.

Sign up to receive monthly alerts on the Paychex | IHS Small Business Jobs Index.

*Information regarding the professions included in the industry data can be found at the Bureau of Labor Statistics website.

About the Paychex | IHS Small Business Jobs Index

The Paychex | IHS Small Business Jobs Index 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 solutions, providing analysis of small business employment trends across the U.S.

The index analyzes same-store, year-over-year worker count changes to identify and track small business employment trends using real small business payroll data from the Paychex client base. The index is based on aggregated data from approximately 350,000 small businesses with fewer than 50 workers across the United States, one of the largest sample sizes of any small business index or report in the country, and provides timely, accurate insight into national, regional, state, metro, and industry employment activity.

About Paychex

Paychex, Inc. (NASDAQ: PAYX) is a leading provider of integrated human capital management solutions for payroll, HR, 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 45 years of industry expertise, Paychex serves approximately 605,000 payroll clients across more than 100 locations 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 key business and government customers, including 85 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. All other company and product names may be trademarks of their respective owners © 2016 IHS Markit Ltd. All rights reserved.

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