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Paychex | IHS Markit Small Business Employment Watch

Paychex

The rate of small business hiring slowed modestly in June as hourly earnings growth across the U.S. decelerated to 4.02% from 4.24% in May, according to the Paychex | IHS Markit Small Business Employment Watch. The national Small Business Jobs Index — which measures the rate of small business job growth in the U.S. — registered 99.21 in June, virtually unchanged so far in 2023.

“Hourly earnings gains slowed to 4.02%, in line with a gradually slowing rate of inflation,” said James Diffley, chief regional economist, S&P Global Market Intelligence.

“Our June data suggests small business employment trends are following greater economic patterns, with slowing hourly wage gains aligning with continued declining inflation – a positive sign for businesses,” said John Gibson, Paychex president and CEO. “A moderation in job growth signals that the competitive hiring environment continues. This is especially true in leisure and hospitality, as these employers appear to once again be struggling to find people to fill open positions. Now more than ever, it is important for businesses to improve their operational efficiency and offer competitive employee benefits.”

In further detail, the June report shows:

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 June 2023, including interactive charts detailing all data, are available at www.paychex.com/watch. Highlights are available below.

June 2023 Paychex | IHS Markit Small Business Employment Watch

National Jobs Index

National Wage Report

Regional Jobs Index

Regional Wage Report

State Jobs Index

State Wage Report

Metropolitan Jobs Index

Metropolitan Wage Report

Industry Jobs Index

Industry Wage Report

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