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Small Business Hiring Advances in October; Wage Growth Hits Record High

November 02, 2021

Small Business Employment Watch October 2021

National job growth was on the rise for the fifth consecutive month in October and wages are increasing dramatically too, according to aggregated payroll data of Paychex. The data released in the latest report of the Paychex | IHS Markit Small Business Employment Watch shows the Small Business Jobs Index for October increased to 100.45, up 0.50 percent in October and 6.50 percent over a year ago. In response to labor market pressures, hourly earnings growth improved to 3.85 percent in October, a new record level since reporting began ten years ago.

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