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Paychex-IHS Small Business Jobs Index Decline Slightly to 99.86 in November
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The Paychex | IHS Markit Small Business Employment Watch shows a modest decline in both small business job and wage growth for November. The Small Business Jobs Index decreased 0.03 percent for the month, 0.10 for the quarter, and 0.52 percent for the year to 99.86. The national index has now been below 100 for five consecutive months. Monthly small business wage growth has slowed since reaching a high of nearly three percent in August. Hourly earnings in November stand at $26.09, a gain of 2.77 percent ($0.70) year-over year.
“Though the monthly declines this year have been small, they have been persistent,” said James Diffley, chief regional economist at IHS Markit. “At 99.86, the Small Business Jobs Index indicates employment growth, though steady, is now at the slowest pace since 2011.”
“Although we have seen slight monthly declines in employment growth, the rate of job growth, while still positive, has generally leveled off over the last quarter,” said Martin Mucci, Paychex president and CEO. “It is encouraging to see that hours worked in Florida are back on the rise after recent monthly slowdowns following the hurricanes.”
Down 0.03 percent from October to 99.86, November’s Small Business Jobs Index marks the ninth consecutive monthly decline for small business job growth
Hourly earnings in November were $26.09, up 2.77 percent ($0.70) year-over-year and slowing slightly for the fourth consecutive month
Following sizable declines in hours worked in recent months due to Hurricane Irma, Florida rebounded significantly in November, led by increases in Construction and Manufacturing
Posted: December 5, 2017 Tuesday 01:17 PM