Job Market Remains Stable, Wage Growth Drops Below Four Percent
Rochester, N.Y. (August 1, 2023) – According to the Paychex | IHS Markit Small Business Employment Watch, hourly earnings growth (3.95%) has dipped below four percent for the first time since 2021, and one-month annualized growth in hourly earnings remains below four percent for the fourth consecutive month. Small business job growth is essentially unchanged in July from June. Currently at 99.14, the national Small Business Jobs Index — which measures the rate of small business job growth in the U.S. — has remained between 99 and 100 for the past year, representing moderate job growth for the year.
Read the full news release on the Small Business Employment Watch site.