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Paychex-IHS Small Business Jobs Index decreased to 99.96 in August
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The Paychex | IHS Markit Small Business Employment Watch shows a slowdown in small business job growth for the sixth consecutive month in August, while hourly earnings continue to gain momentum. The Small Business Jobs Index stands at 99.96, but the monthly decline in August was minimal at only 0.02 percent. Small business wages continue to rise, reaching a 3.00 percent ($0.76) annual growth rate in August and a 3.27 percent three-month annualized growth rate. National hourly earnings in August were $25.98, an $0.07 increase from July.
"There was little change in August, signifying the index's dip below 100 in July was not a fluke," said James Diffley, chief regional economist at IHS Markit. "Earnings continued to accelerate, with the growth rate now up 3.00 percent from a year ago."
"In reaching 3.00 percent, wage growth hit an important milestone this month," said Martin Mucci, Paychex president and CEO. "The combination of steadily rising wages and relatively consistent job growth are indicators of a healthy small business sector, especially in a year when small business owners are uncertain about potential policy changes and their business implications."
Posted: August 29, 2017 Tuesday 08:30 AM