U.S. Small Business Job Growth Continues as Wage Inflation Moderates to Close 2023
03 1월 2024 - 10:30PM
Business Wire
U.S. small businesses experienced job growth for all of 2023 and
extended a cycle of consistent job growth for 33-straight months,
according to December data from the Paychex Small Business
Employment Watch. The Small Business Jobs Index closed the year at
101.21 (1.2% growth), while hourly earnings growth for U.S. workers
in December (3.48%) was down from 4.93% in December of 2022.
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U.S. small businesses experienced job
growth for all of 2023, according to December data from the Paychex
Small Business Employment Watch. (Graphic: Business Wire)
“As the Paychex Small Business Employment Watch has consistently
shown all year, the resiliency of the small business community has
allowed them to meet the many challenges of 2023 and continue to
grow,” said John Gibson, Paychex president and CEO. “Wage inflation
also continues to slow indicating that the actions taken by the Fed
are having their desired effect on inflation.”
“With a prolonged tight labor market challenging employers to
find and retain qualified workers, policymakers should focus their
efforts on increasing the participation rate and quality of the
U.S. workforce. The Fed’s actions appear to be driving a soft
landing as we’ve seen wage inflation normalize without negative
impacts on job growth across the U.S. As we look ahead to 2024,
small businesses will need to continue to show their resilience as
they face many of the same challenges of 2023, such as retaining
and attracting quality employees, accessing affordable growth
capital, and navigating even more government regulations,” Gibson
added.
2023 Year in Review
- Nationally, small businesses have experienced job growth for
all of 2023, extending a streak of consistent job growth to
33-straight months.
- In 2023, wage growth continued to slow through the year,
decreasing about one and a half percent from 4.93% in December 2022
to 3.48% in December 2023. In addition, weekly hours worked growth
in 2023 was the most stable it has been since 2018.
- All 20 of the largest U.S. states reported positive job growth
to end 2023 and eight of those increased their rate of job growth
during 2023.
- At 101.75, the South led regions in December and had the
strongest rate of job growth for 11 of 12 months in 2023, while the
West region slowed the most during 2023 (1.11 percentage
points).
December 2023 Highlights
- In December, small business job growth increased by 1.21%,
standing at 101.21.
- Hourly earnings growth for U.S. workers in December (3.48%) was
relatively unchanged since November (3.47%).
- The average pace of job growth in 2023 remained above the
growth rate leading up to the pandemic (March 2019 – February 2020)
when it was 101.10.
- At 100.66 in December, Leisure and Hospitality slowed its pace
of job growth the most among sectors (2.46 percentage points) and,
while the sector started 2023 first, it ended ranked sixth in job
growth.
The complete Small Business Employment Watch results for
December 2023, including interactive charts detailing the data at a
national, regional, state, metro, and industry sector level are
available at www.paychex.com/watch. Learn more and sign up to
receive monthly Employment Watch alerts.
About the Paychex Small Business Employment Watch*
The Paychex Small Business Employment Watch is released each
month by Paychex, Inc. Focused exclusively on businesses with less
than 50 workers, 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.
* Editor’s Note: For detail on the new methodology of the
Small Business Jobs Index, refer to “Understanding the Index” on
the Paychex Small Business Employment Watch site. Wage data is
unchanged by the update.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240103122513/en/
Media Chris Muller Paychex, Inc. 585-338-4346
cmuller@paychex.com @Paychex
Colleen Bennis Matter Communications Account Director +1 (585)
666-9510 cbennis@matternow.com
Paychex (NASDAQ:PAYX)
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