The Paychex | IHS Markit Small Business Employment Watch for November shows that the tight labor market continues to make for challenging hiring conditions. The Small Business Jobs Index declined for the sixth consecutive month, falling 0.11 percent from October to 99.01 in November.
The Paychex | IHS Markit Small Business Employment Watch data for October again reflects the tight labor market with a dip in job growth and uptick in wages. Down 0.06 percent from last month at 99.12, the Small Business Jobs Index has slowed 1.28 percent over the past two years, consistent with a declining rate of unemployment in the same timeframe.
Asked to consider the future of payroll for their businesses, employers cite direct deposit as the functionality they are most likely to offer employees in the next year.
While the Paychex | IHS Markit Small Business Employment Watch for August shows a continued decrease in the rates of small business jobs and wage growth, it also reveals that weekly hours worked are on the rise.