Janina Lim – Fourth Estate Contributor
Rochester, NY, United States NY – An index of small business hiring growth in October slowed down to its lowest level since September 2011, citing effects from hurricanes Harvey and Irma.
The Small Business Jobs Index of the Paychex | IHS Markit Small Business Employment Watch stood at 99.89 last month, moderating 0.04 percent from September’s level.
“With a national index level of 99.89, small business job growth continues to moderate, slowing for the eighth consecutive month,” James Diffley, chief regional economist at IHS Markit, was quoted.
Though the index has been on a decline over the past three months, it has moved just 0.09 percent since July, representing “the most stable quarter in the history of the jobs index.”
“While generally stable over the last quarter, the national jobs index dropped slightly in October, undoubtedly impacted to some degree by those communities recently disrupted by natural disasters,” said Martin Mucci, Paychex president and CEO.
After reaching a milestone three percent growth rate in August, hourly earnings growth has slowed slightly in the past two months.
Hourly earnings logged in October averaged $26.07, up 2.91 percent year-over-year.
“In line with last month’s results, we continued to see a slowdown in hours worked in those places recovering from hurricanes in August and September, specifically Houston, Miami, and Tampa,” Paychex’s Mucci added.
The report noted that the South, at 100.58, was the lone region to improve in October and remained the strongest for small business employment growth as it topped rankings for 18 consecutive months.
On industries, construction improved to 100.67 in October, marking its fourth consecutive month of posting gains.
The monthly Paychex | IHS Markit Small Business Employment Watch is released by Paychex, Inc. and IHS Markit.
The report, drawn from the payroll data of approximately 350,000 Paychex clients, offers analysis of national employment and wage trends, as well as examines regional, state, metro, and industry sector activities that drive the U.S. economy.
Article – All Rights Reserved.
Provided by FeedSyndicate