Small Business Job Growth Slows in June, While Wage Growth Increases
The Paychex | IHS Markit Small Business Employment Watch shows small business job growth declined 1.09 percent year-over-year; Hourly earnings growth rose for the third consecutive month
The Paychex | IHS Markit Small Business Employment Watch for June shows slowing small business job growth accompanied by continued steady wage growth, together indications of an increasingly tight labor market. The national jobs index fell 0.45 percent from the previous month to 98.32 in June. Conversely, with a three-month annualized growth rate near three percent, hourly earnings growth during the past quarter is the strongest since 2017. Hourly earnings growth rose to 2.65 percent ($0.70) in June, while weekly earnings growth fell to 2.02 percent due to a continued decrease in hours worked from a year ago.
Read the full news release on the Small Business Employment Watch site.