Katherine Smith, +1 781 301 9311
katherine.smith@ihsmarkit.com
Rochester, N.Y. (March 6, 2018) – After an uptick to start the year, the Paychex | IHS Markit Small Business Employment Watch saw small declines in jobs and wage growth in February. The Small Business Jobs Index stands at 99.77, down 0.11 percent from January and one percent below last year. The index has been below 100 since July 2017. Hourly earnings increased $0.69 in the past year to $26.41, but February’s 12-month growth rate fell to 2.67 percent compared to 2.74 percent the previous month. Weekly earnings growth has also slipped below three percent during the past quarter.
“After a prolonged downturn, the Paychex | IHS Markit Small Business Jobs Index has stabilized at just below 100, a marginal decline in small business dynamism from a decade and a half ago,” said James Diffley, chief regional economist at IHS Markit.
“The results of the Small Business Jobs Index over the past year are evidence of the tightening labor market,” said Martin Mucci , Paychex president and CEO. “As the growth in jobs stabilizes because of challenges in finding qualified employees, we expect to see business owners making positive changes to wages and benefits to recruit and retain top quality talent.”
February 2018 Paychex | IHS
Markit Small Business Employment Watch
National Jobs Index
National Wage Report
Regional Jobs Index
Note: Percentages displayed in the regional heat map reflect 12-month changes.
Regional Wage Report
Note: Percentages displayed in the regional heat map reflect 12-month changes.
State Jobs Index
Note: Analysis is provided for the 20 largest states based on U.S. population. The chart’s dark blue bars reflect the index level and the light blue diamonds reflect the 12-month change.
State Wage Report
Note: Analysis is provided for the 20 largest states based on U.S. population
Metropolitan Jobs Index
Note: Analysis is provided for the 20 largest metro areas based on U.S. population. The chart’s dark blue bars reflect the index level and the light blue diamonds reflect the 12-month change.
Metropolitan Wage Report
Note: Analysis is provided for the 20 largest metro areas based on U.S. population.
Industry Jobs Index
Note: Analysis is provided for seven major industry sectors. The chart’s dark blue bars reflect the index level and the light blue diamonds reflect the 12-month change.
Industry Wage Report
Note: Analysis is provided for seven major industry sectors.
For more information about the Paychex | IHS Markit Small Business Employment Watch, including interactive charts detailing all data at a national, regional, state, metro, and industry level, visit
www.paychex.com/employment-watch
and
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*Information regarding the professions included in the industry data can be found at the Bureau of Labor Statistics website .
About the Paychex | IHS Markit Small Business Employment Watch
The Paychex | IHS Markit Small Business Employment Watch is released each month by Paychex, Inc., a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small-to medium-sized businesses, and IHS Markit, a world leader in critical information, analytics, and expertise. Focused exclusively on small business, 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 tool delivers real-time insights into the small business trends driving the U.S. economy.
About Paychex
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by 45 years of industry expertise, Paychex serves approximately 605,000 payroll clients as of May 31, 2017, across more than 100 locations and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting
www.paychex.com
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About IHS Markit
(
www.ihsmarkit.com
)
IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2018 IHS Markit Ltd. All rights reserved.
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Media Contacts
Lisa Fleming
Paychex, Inc.
585-387-6402
Kate Smith
IHS Markit
781-301-9311
Tess Flynn
Eric Mower + Associates
716-880-1488