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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 |
The rate of hourly earnings growth for workers at U.S. small businesses has slowed 17 of the past 18 months to 3.48% in November, falling below 3.50% for the first time since July 2021, according to the Paychex Small Business Employment Watch. Hiring at small businesses across the U.S. remains stable but continues to slow from the rate of growth seen at the start of 2023.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231205765145/en/
Wage growth for employees of U.S. small businesses has slowed for 17 of the last 18 months. The rate of job growth in this segment also declined 0.18% in November to 98.59. (Graphic: Business Wire)
What November’s Report Means
“As we approach the end of 2023, wage growth continues to decline indicating that the actions taken by the Federal Reserve are having the desired effect,” said John Gibson, Paychex president and CEO. “Small business employers continue to add jobs at a more moderate pace than at the start of 2023 but still at a higher rate than pre-pandemic levels. Small businesses continue to show their resilience in the face of difficult capital markets and continued challenges in finding quality highly skilled labor.”
“November’s Small Business Employment Watch data highlights differing market conditions both geographically and by industry sector,” added Frank Fiorille, Paychex vice president of risk, compliance, and data analytics. “For instance, the Education and Health Services, as well as the Construction sector, have both experienced solid job growth throughout 2023. Leisure and Hospitality job growth continues to decline following a period of extensive recovery for the sector since 2020.”
Key Insights
More Information
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 November 2023, including interactive charts detailing all data, are available at www.paychex.com/watch. Highlights are available below.
November 2023 Paychex Small Business Employment Watch
National Jobs Index
National Wage Report
Regional Jobs Index
Regional Wage Report
State Jobs Index
Note: Analysis is provided for the 20 largest states based on U.S. population.
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.
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. Definitions of each industry sector can be found here. The Other Services (except public administration) industry category includes religious, civic, and social organizations, as well as personal services, including automotive and household repair, salons, dry cleaners, and other businesses.
Industry Wage Report
Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found here. The Other Services (except public administration) industry category includes religious, civic, and social organizations, as well as personal services, including automotive and household repair, salons, dry cleaners, and other businesses.
For more information about the Paychex 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 Small Business Employment Watch
The Paychex Small Business Employment Watch is released each month by Paychex, Inc. 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 industry benchmark 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. To learn more, visit paychex.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231205765145/en/
Media Chris Muller Paychex, Inc. 585-338-4346 cmuller@paychex.com @Paychex
Colleen Bennis Matter Communications Account Director 585-666-9510 cbennis@matternow.com
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