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