Wage Growth for Workers of U.S. Small Businesses Continues Downward Trend; Job Growth Remains Stable
05 12월 2023 - 10:30PM
Business Wire
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
- Slowing for 17 of the past 18 months, hourly earnings growth
fell to 3.48% in November.
- The rate of small business job growth declined 0.18% to 98.59
in November.
- Hourly earnings growth in the Leisure and Hospitality sector
has steadily slowed during the past two years, declining from
10.95% to 3.79% between January 2022 and November 2023.
- The South leads the pace of small business job growth among
regions for the 20th consecutive month, with an index of 99.36, and
was the only region to improve in November (0.10%).
- The Northeast (98.02) continues to rank last among regions and
decreased 0.38% in November.
More Information
- Year-over-year weekly hours worked growth (-0.16%) remains
negative, though three-month annualized growth climbed to 1.42% in
November.
- The West leads regional hourly earnings growth for the
sixth-straight month.
- Washington leads states for the fifth consecutive month in
hourly earnings growth with a rate of 5.06%.
- Miami leads top U.S. metros in weekly hours worked growth
(0.36%) for the seventh consecutive month.
- North Carolina remains the top state for small business job
growth in November with an index of 100.68. Texas (100.17) ranks
second.
- Houston (101.77) has now led top U.S. metros for small business
job growth for a full year. Dallas (98.65) gained 0.84% in November
alone, jumping from 18th to eighth among top metros.
- Education and Health Services (0.31%) and Construction (0.28%)
have improved their small business employment growth rate.
- Leisure and Hospitality continues its sharp deceleration,
dropping 0.56% in November to 97.71. The sector has slowed 3.65%
since February (101.41).
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
- Declining 0.18% to 98.59 in November, the small business job
growth rate slowed for the eighth consecutive month.
- At 98.59, the rate of small business job growth marks the
slowest pace of growth so far in 2023.
- The national index is down 0.51% from last quarter and 0.80%
from last year.
National Wage Report
- Slowing for 17 of the past 18 months, hourly earnings growth
fell to 3.48% in November. Three-month annualized growth reported
below three percent in consecutive months for the first time since
January 2021.
- With the recent uptrend in weekly hours worked, weekly earnings
growth (3.42%) improved from the previous month for the first time
since February 2023.
- Weekly hours worked growth (-0.16%) remains negative from a
year-over-year perspective, though three-month annualized growth
climbed to 1.42% in November.
Regional Jobs Index
- At 99.36, the South leads the pace of small business job growth
among regions for the 20th consecutive month and was the only
region to improve in November (0.10%).
- The Midwest (98.68) has ranked second among regions for the
past 13 months.
- The Northeast (98.02) continues to rank last among regions and
decreased further in November, falling 0.38%.
Regional Wage Report
- Though all regions are now below four percent in November, the
West (3.95%) leads regional hourly earnings growth for the
sixth-straight month.
- All regions report hourly and weekly earnings above three
percent and below four percent in November.
- Weekly hours worked are unchanged from a year ago in the South,
which leads all regions.
State Jobs Index
- North Carolina (100.68) held its pace of small business job
growth in November and has topped the state rankings for 16 of the
past 17 months.
- Ranked second among states in November, Texas (100.17) has
ranked among the top three states for small business job growth
since September 2020.
- Michigan (97.47) continues its descent, slowing 0.40% in
November. Michigan ranks last among states and has fallen the
furthest during the past year (2.30%).
Note: Analysis is provided for the 20 largest states based on
U.S. population.
State Wage Report
- At 5.06%, Washington leads states for hourly earnings growth
for the fifth consecutive month. At -0.93%, Washington also ranks
last among states for weekly hours worked growth for the seventh
consecutive month.
- Ranked first among states in April 2022 at 6.29%, hourly
earnings growth has slowed for 19 consecutive months in North
Carolina to 3.01% in November 2023.
Note: Analysis is provided for the 20 largest states based on
U.S. population.
Metropolitan Jobs Index
- At 101.77, Houston has ranked first among metros since November
2022 and has had an index above 101 since August 2021.
- Gaining 0.84% in November to 98.65, Dallas jumped ten spots
from 18th to eighth among states.
- Denver (96.11) remains the weakest metro for the fifth
consecutive month and has slowed 3.87% from a year ago.
Note: Analysis is provided for the 20 largest metro areas based
on U.S. population.
Metropolitan Wage Report
- Seattle ranks first among metros for both hourly earnings
(5.01%) and weekly earnings growth (4.38%). Weekly hours worked
growth (-0.89%) in Seattle ranks last among metros.
- Atlanta is at the bottom of the metro rankings in November for
both hourly earnings growth (2.35%) and weekly earnings growth
(2.30%).
- Miami leads metros in weekly hours worked growth (0.36%) for
the seventh consecutive month.
Note: Analysis is provided for the 20 largest metro areas based
on U.S. population.
Industry Jobs Index
- Education and Health Services (100.37) leads the pace of small
business job growth among industries for the first time since
2019.
- While most industries have slowed during the past year,
Education and Health Services (0.31%) and Construction (0.28%) have
improved their small business employment growth rate.
- Leisure and Hospitality continued its sharp deceleration,
dropping 0.56% in November to 97.71. The sector has slowed 3.65%
since February (101.41).
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
- Construction leads growth among sectors in hourly earnings
(4.10%), weekly earnings (4.29%), and weekly hours worked (0.14%)
in November.
- Hourly earnings growth in the Leisure and Hospitality sector
has steadily slowed during the past two years, from 10.95% in
January 2022 to 3.79% in November 2023.
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
Paychex (NASDAQ:PAYX)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Paychex (NASDAQ:PAYX)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024