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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Paychex Inc | NASDAQ:PAYX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.68 | -0.55% | 121.99 | 121.61 | 122.31 | 122.845 | 121.46 | 122.60 | 1,144,904 | 01:00:00 |
One-month annualized hourly earnings growth hits lowest level since 2020
According to the Paychex | IHS Markit Small Business Employment Watch, job growth across the U.S. remains moderate but is growing at a slower rate than a year ago. Meanwhile, growth in hourly and weekly earnings decelerated in October, consistent with recent trends. Hourly earnings growth is below four percent (3.56%) for the fourth-straight month.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231031560294/en/
Small business job growth has slowed 0.66% from a year ago, but remains above pre-pandemic (2019) levels. Hourly earnings growth is below four percent for the fourth-straight month. (Graphic: Business Wire)
“Over the past year and a half, we’ve seen a stabilization of the growth of both small business jobs and wages, in line with macroeconomic trends,” said John Gibson, Paychex president and CEO. “Following a long period of wage inflation, we are seeing that trend begin to cool, as the supply and demand for workers appears to be coming back into balance.”
“The small business employment and wage trends we’re seeing at a national level can be largely attributed to changes taking place in individual industry sectors,” added Frank Fiorille, Paychex vice president of risk, compliance, and data analytics. “For instance, in Leisure and Hospitality, hourly earnings growth is declining and fell below four percent for the first time since 2021.”
In further detail, the October 2023 report shows:
Paychex solutions reach 1 in 12 American private-sector employees, making the Small Business Employment Watch an industry benchmark. Drawing from the payroll data of approximately 350,000 Paychex clients with fewer than 50 employees, the monthly report offers analysis of national employment and wage trends, as well as examines regional, state, metro, and industry sector activity.
The complete results for October 2023, including interactive charts detailing all data, are available at www.paychex.com/watch. Highlights are available below.
October 2023 Paychex | IHS Markit Small Business Employment Watch
National Jobs Index
National Wage Report
Regional Jobs Index
Regional Wage Report
State Jobs Index
State Wage Report
Metropolitan Jobs Index
Metropolitan Wage Report
Industry Jobs Index
Industry Wage Report
For more information about the Paychex | IHS Markit Small Business Employment Watch, visit www.paychex.com/watch and sign up to receive monthly Employment Watch alerts.
*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 S&P Global Market Intelligence, a Division of S&P Global (NYSE: SPGI), which merged with IHS Markit in 2022 and is a provider of information services and solutions to global markets. 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 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.
About S&P Global Market Intelligence At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. Our team of experts delivers unrivaled insights and leading data and technology solutions, partnering with customers to expand their perspective, operate with confidence, and make decisions with conviction.
S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). S&P Global is the world’s foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world’s leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit https://www.spglobal.com/marketintelligence/en/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231031560294/en/
Media Chris Muller Paychex, Inc. 585-338-4346 cmuller@paychex.com @Paychex
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