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November

100.38

-0.04% 12-month change

Paychex | IHS Small Business Jobs Index Reveals Mixed Results for Small Business Employment Growth in August

Rochester, N.Y. (September 2, 2014) – While the Paychex | IHS Small Business Jobs Index grew 0.20 percent in the past 12 months through August, the national index decreased to 100.99, as the pace of small business employment growth slowed slightly. August marks the third decline for the index in the past four months. Strong small business employment growth propelled the Mountain region into the lead among regions. Wisconsin surpassed Washington, taking over as the top performing state. Among the metro areas, Dallas continues to hold the top spot, now for the third consecutive month.

"Although the Paychex | IHS Small Business Jobs Index continues to show positive year-over-year growth, the short-term trend has declined 0.16 percent in the past three months. As most other employment indicators accelerated over the summer, it appears that small businesses may have been on the front end of that trend, in the spring, with the index reaching its peak level in April 2014," said James Diffley, chief regional economist at IHS.

"The index continues to show positive, long-term gains," said Martin Mucci, president and CEO of Paychex. "However, that growth has slowed in the past several months."

The August 2014 Paychex | IHS Small Business Jobs Index

National Index

National Index

The August 2014 Paychex | IHS Small Business Jobs Index fell 0.11 percent from last month as the pace of employment growth slowed slightly. The record employment growth rate set in April 2014 has declined three of the past four months.

National Index Graph

Regional Employment

The Mountain and East South Central regions showed monthly gains in August, increasing 0.41 percent and 0.60 percent, respectively. Consistently showing the best 12-month growth rate during 2014, the Mountain region climbed three spots to the top of the regional index at 102.14.

Regional Heatmap plus legend

State Employment

With the strongest 1-month gain at 0.39 percent, Wisconsin rose to the top of the state index in August. 12-month gains were positive as well. New Jersey is near the bottom for all indicators and has been among the weakest in total job growth. Down 2.12 percent over the past 12 months, New Jersey remained the second lowest index level.

State Chart
Note: Analysis is provided for the 20 largest states based on U.S. population.

Metropolitan Employment

Hitting 103.80 in August, Dallas leads the metro index for the third straight month. Texas cities lead the nation’s large metros in total job growth this year. Tampa Bay is showing a rapid acceleration rate, gaining 0.99 percent during the past three months, though its index value remains below 100.

Metro Chart
Note: Analysis is provided for the 20 largest metro areas based on U.S. population.

Launched on April 1, the monthly index from Paychex, Inc., a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small-to medium-sized businesses, and IHS, Inc., a leading global source of critical information and insight, provides 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, and metro employment activity. 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.

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