Small Business Wage Growth Gains Momentum, Job Growth Holds Steady in October
Paychex | IHS Markit Small Business Employment Watch shows small business hourly earnings growth hit 3.00 percent in October
The tight labor market positively impacted wage growth in October, according to the latest Paychex | IHS Markit Small Business Employment Watch. Hourly earnings are on the rise, reaching 3.00 percent ($0.80) growth in October. Additionally, after hovering just above two percent to start the year, weekly earnings growth has quickly improved to 3.36 percent as month-to-month gains grow larger. At 98.14, the national jobs index remains essentially the same as last month (98.22).
Read the full news release on the Small Business Employment Watch site.