Hourly Earnings Growth for U.S. Small Business Workers Increases and Job Growth Slows Amid Tight Job Market
30 Abril 2024 - 7:30AM
Business Wire
According to the Paychex Small Business Employment Watch, hourly
earnings growth increased slightly to 3.34%, ending a nearly
two-year trend of deceleration, and job growth slowed in April.
U.S. small businesses with fewer than 50 employees continued to add
jobs but at a slower pace with the Small Business Jobs Index
standing at 100.12. The growth in weekly hours worked for employees
also slowed for the 13th consecutive month, down -0.41% in
April.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240430349010/en/
Small businesses continued to add jobs in
April but at a slower pace. Meanwhile, hourly earnings ticked up to
3.34% for the month, ending a nearly two-year trend of
deceleration. (Graphic: Business Wire)
“Our jobs index remains over 100, indicating continued
year-over-year employment growth, yet the pace of growth has
slowed,” said John Gibson, Paychex president and CEO. “Demand for
qualified workers continues to outweigh supply, which may be
forcing employers to consider offering higher wages to attract and
retain talent.”
“Hourly earnings growth increased to 3.34% in April, ending a
decline that began in mid-2022.” Gibson added. “We continue to see
employers controlling hours worked as weekly earnings growth is
below three percent again in April, indicating that while some
workers are seeing increases in their hourly rate, they may not be
taking more home.”
Jobs Index and Wage Data Highlights:
- At 100.12, the national jobs index continues to represent
positive job gains but is down 1.06 percentage points from last
year (101.18).
- Hourly earnings growth increased to 3.34% in April, marking the
end of a steady deceleration that began mid-2022. However, as
weekly hours worked growth (-0.41%) remains negative
year-over-year, weekly earnings growth is below three percent again
in April (2.88%).
- The West (3.75%) leads regional hourly earnings growth for the
11th consecutive month. Washington (4.91%) and Seattle (5.11%) tops
states and metros, respectively, for hourly earnings growth among
U.S. small business workers.
- The rate of small business job growth decelerated across all
industries in April, though Education and Health Services (101.60)
remains one of the strongest sectors for job growth.
- For the sixth consecutive month, Construction led growth among
sectors in hourly earnings (3.85%), weekly earnings (3.80%), and
weekly hours worked (0.28%).
The complete Small Business Employment Watch results for April
2024, including interactive charts detailing the data at a
national, regional, state, metro, and industry sector level are
available at www.paychex.com/watch. Learn more and sign up to
receive monthly Employment Watch alerts.
About the Paychex Small Business Employment Watch
The Paychex Small Business Employment Watch is released each
month by Paychex, Inc. Focused exclusively on businesses with less
than 50 workers, the monthly report offers analysis of national
employment and wage trends, as well as examines regional, state,
metro, and industry sector activity. Drawing from the payroll data
of approximately 350,000 Paychex clients, this powerful industry
benchmark delivers real-time insights into the small business
trends driving the U.S. economy. The jobs index is scaled to 100,
which represents no year-over-year change in job growth among same
store businesses. Index values above 100 represent new jobs being
added, while values below 100 represent jobs being lost.
About Paychex
Paychex, Inc. (Nasdaq: PAYX) is an industry-leading HCM company
delivering a full suite of technology and advisory services in
human resources, employee benefit solutions, insurance, and
payroll. The company serves approximately 740,000 customers in the
U.S. and Europe and pays one out of every 12 American private
sector employees. The more than 16,000 people at Paychex are
committed to helping businesses succeed and building thriving
communities where they work and live. Visit paychex.com to learn
more.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240430349010/en/
Tracy Volkmann Paychex, Inc. Manager, Public Relations (585)
387-6705 tvolkman@paychex.com @Paychex Colleen Bennis Matter
Communications Account Director (585) 666-9510
cbennis@matternow.com
Paychex (NASDAQ:PAYX)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Paychex (NASDAQ:PAYX)
Gráfica de Acción Histórica
De May 2023 a May 2024