Small Business Job Growth Advances in July Amid Signs of Strong Economic Rebound
National job growth in July was up notably across all industry sectors and regions over the previous month, according to aggregated payroll data of approximately 350,000 clients provided by Paychex. The data released in the latest report of the Paychex | IHS Markit Small Business Employment Watch shows the Small Business Jobs Index jumped 0.85 percent in July, the second strongest one-month increase since 2010, the period of recovery following the Great Recession. At 99.36, the small business jobs index is up more than one percent over last quarter and five percent from last year, suggesting a significant recovery from the COVID-19 pandemic. Hourly earnings growth improved to 3.11 percent in July, up from June’s increase of 2.84 percent.
Read the full news release on the Small Business Employment Watch site.