Hourly Wage Growth for Small Business Workers Continues to Cool, Consistent with Overall Inflation Trend

October 03, 2023
 

Paychex data shows small businesses are hiring workers at a sustained, modest rate.
Jobs index indicates the tight labor market for small businesses continues

Rochester, N.Y. (October 3, 2023) – According to the Paychex | IHS Markit Small Business Employment Watch, hourly earnings growth has slowed to 3.79% in September 2023, a pace not seen since September 2021 (3.77%). The Small Business Jobs Index — which measures the rate of small business job growth in the U.S. — shows 98.89 in September, a -0.21% change from August.

Read the full news release on the Small Business Employment Watch site.