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Job Market Remains Stable, Wage Growth Drops Below Four Percent

August 01, 2023

The July Small Business Employment Watch shows wage inflation continues to decline without significant job losses.
Small Business Jobs Index remains relatively flat from January 2023

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.

Chris Muller

Chris Muller

As director of corporate communications for Paychex, Chris Muller leads the team responsible for external communications, including media and public relations programs as well as client communications. Among his other responsibilities, Chris is a lead communicator in companywide initiatives, crisis and issues management, and social media. He joined Paychex in October 2011 in leadership roles in marketing, service, and operations after serving as the communications executive for a Fortune 1000 company. Chris is a graduate of the State University of New York at Fredonia.

Director, Corporate Communications