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U.S. Small Business Job Growth Shows Positive Gains, While Wage Inflation Decelerates

June 04, 2024
 

The Paychex Small Bu0siness Jobs Index rose 0.46 percentage points to 100.58 in May, the largest one-month increase since January 2022.
Weekly earnings growth increases as weekly hours worked stabilize

According to the Paychex Small Business Employment Watch, the Small Business Jobs Index rose 0.46 percentage points to 100.58 in May, the largest one-month increase since January 2022. At the same time, hourly earnings growth slowed to 3.13%, its lowest level since June 2021, for workers in U.S. small businesses with fewer than 50 employees. The report also indicated that weekly earnings growth was above three percent (3.09%) for the first time since January 2024 due to positive momentum in weekly hours worked by employees in May.

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

Tracy Volkmann

Tracy Volkmann

Tracy Volkmann began working at Paychex in July 2014 and currently manages public relations for the company. In this role, she is responsible leading the PR function, protecting the company's reputation, and driving positive earned media coverage for Paychex. Tracy is a graduate of St. Bonaventure University and started her career in collegiate athletic communications, having spent seven years at West Point.

585-387-6705
tvolkmann@paychex.com

Manager, Public Relations