Paychex - IHS Markit Small Business Employment Watch to Provide Monthly Analysis on Employment Growth and Wage Data
Beginning May 2, 2017, the monthly Paychex | IHS Markit Small Business Employment Watch will provide a real-time view of small business performance based on employment growth and wage data. The Small Business Employment Watch will combine the existing Paychex | IHS Markit Small Business Jobs Index with the new Small Business Wage Report, which will analyze hourly and weekly earnings as well as weekly hours worked. Wages are comprised of all earnings, excluding bonuses.
Based on payroll data from more than 350,000 small businesses with 1-49 employees, the Paychex | IHS Markit Small Business Employment Watch will provide data on small business employment and wage trends on a national, regional, state, metro, and industry basis. The Small Business Jobs Index reports the level of and changes in employment growth, while the Small Business Wage Report analyzes earnings, hours, and their associated annualized growth rates over one, three, and 12 months.
“As the country reaches full employment, wages are becoming a more important barometer in measuring the overall health of the economy,” said Martin Mucci, Paychex president and CEO. “Paying one out of every 12 American private-sector employees, Paychex has in-depth insight into the wage and employment trends driving the economic landscape.”
“While employment counts are the simplest indicator of labor market activity, they tell us little about job quality, the welfare of workers, and the role those workers play in the broader economy,” said James Diffley, chief regional economist at IHS Markit. “Wage information helps to fill those gaps and is essential in judging economic activity.”
The Paychex | IHS Markit Small Business Employment Watch will provide analysis of four regions, down from nine that were part of the Small Business Jobs Index, allowing users to more easily draw conclusions about where the strength of small business employment growth resides. Additionally, as Denver’s population has grown, it has surpassed Baltimore to be included among the country’s top 20 metro areas based on U.S. population. With that in mind, Denver will replace Baltimore in Paychex’s metro analysis.
For more information about the Paychex | IHS Markit Small Business Employment Watch, visit the website and sign up to receive monthly Employment Watch alerts.
About the Paychex | IHS Markit Small Business Employment WatchThe Paychex | IHS Markit Small Business Employment Watch is released each month by Paychex, Inc., a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small-to medium-sized businesses, and IHS Markit, a world leader in critical information, analytics, and expertise. Focused exclusively on small business, the monthly report offers analysis of national employment and wage trends, as well as examines regional, state, metro, and industry sector activity. Drawing from the payroll data of approximately 350,000 Paychex clients, this powerful tool delivers real-time insights into the small business trends driving the U.S. economy.