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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.

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