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Small Business Job Growth Improved for the Second Consecutive Month While Wage Inflation Continues to Cool

March 07, 2023

Paychex Small Business Employment Watch February 2023
Paychex index data also shows weekly earnings growth hit a new record as small business employees work more hours per week to increase their paychecks

The rate of hiring for U.S. small businesses increased in February led by hiring in the leisure and hospitality industry according to the latest Paychex | IHS Markit Small Business Employment Watch. The Small Business Jobs Index, which measures national employment growth for businesses with fewer than 50 workers, continued to increase to 99.66 while the rate of hourly wage growth declined to 4.49 percent year-over-year in February. The one-month annualized hourly wage growth rate remained below four percent for the third consecutive month.

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

Chris Muller

Chris Muller

As director of corporate communications for Paychex, Chris Muller leads the team responsible for external communications, including media and public relations programs as well as client communications. Among his other responsibilities, Chris is a lead communicator in companywide initiatives, crisis and issues management, and social media. He joined Paychex in October 2011 in leadership roles in marketing, service, and operations after serving as the communications executive for a Fortune 1000 company. Chris is a graduate of the State University of New York at Fredonia.

Director, Corporate Communications