Paychex - IHS Small Business Jobs Index to Deliver New Data and Analysis on Small Business Employment Growth
On September 29, 2015, the Paychex | IHS Small Business Jobs Index (SBJI) will expand its report on the state of small business employment growth by including more data and analysis on hiring trends across the United States and industry sectors.
“Paychex pays one out of every 15 American private-sector employees, providing the opportunity to use real payroll data to gain insight into one of the main drivers of the U.S. economy – small businesses. Unlike other indicators that use survey data, our index harnesses possibly the largest small business dataset available to provide a valuable, leading indicator of change in small business employment growth,” said Martin Mucci, president and CEO of Paychex. “We’re looking forward to adding even greater value to the dialogue on the health of the U.S. economy with the addition of these new features.”
Beginning September 29, the Small Business Jobs Index will expand to include reporting on eight industry sectors, including:
- Construction
- Manufacturing
- Trade, Transportation, and Utilities
- Financial Activities
- Professional and Business Services
- Education and Health Services
- Leisure and Hospitality
- Other Services (except Public Administration)
In addition, the index for regional, state, metro, and industry levels will now be reported using a national baseline. By applying the results used to create the national index baseline of 100 across all categories, users will be able to better compare employment activity between regions, states, metros, and industries.
Also, with the inclusion of base-year change reporting, users can continue to analyze each individual dimension or category (i.e. region, state, metro, industry) against its own performance in the 2004 base year, as was possible using the previous methodology.
The one-month and 12-month change rates that have been shared since the index launched in April 2014 will continue to be reported.
The new index features will be available beginning Tuesday, September 29 with the release of September’s Small Business Jobs Index results. For these additions, along with enhanced interactive data analysis, visit www.paychex.com/jobs-index.
About the Paychex | IHS Small Business Jobs Index
The Paychex | IHS Small Business Jobs Index 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, Inc., a leading global source of critical information and insight, providing analysis of small business employment trends across the U.S.
The index analyzes same-store, year-over-year worker count changes to identify and track small business employment trends using real small business payroll data from the Paychex client base. The index is based on aggregated data from approximately 350,000 small businesses with fewer than 50 workers across the United States, one of the largest sample sizes of any small business index or report in the country, and provides timely, accurate insight into national, regional, state, metro, and industry employment activity.