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Wage Inflation for U.S. Small Business Continues to Decline; Rate of Small Business Hiring Remains Strong

January 31, 2023

Paychex Small Business Employment Watch January 2023

The rate of hourly wage growth for U.S. small businesses continued to decline to 4.66 percent year-over-year in January according to the latest Paychex | IHS Markit Small Business Employment Watch. Additionally, the one-month annualized earnings growth fell to 2.88 percent in January, the lowest level since December of 2020. The Small Business Jobs Index, which measures national employment growth for businesses with fewer than 50 workers, rose by 0.18 percent to 99.56.

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