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Small Business Hiring and Wage Growth Slow as Impacts of the Coronavirus Pandemic Begin to Take Effect

March 31, 2020

Computer screen showing small business employment watch

The latest Paychex | IHS Markit Small Business Employment Watch shows a slight decrease in both small business employment and wage growth in March. The report is based on data through March 19, a time when many businesses began to modify operations as a result of the COVID-19 outbreak. At 98.21, the jobs index slowed 0.11 percent from February and 0.57 percent year-over-year. Hourly earnings growth dipped to 2.68 percent ($0.72), while weekly earnings growth also decelerated to 3.08 percent.

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