March data represents first report of new,
monthly jobs index, a timely and accurate measure of U.S. small
business employment trends
The Paychex | IHS Small Business Jobs Index grew 0.33
percent in the 12 months leading up to March, remaining at its
recent peak of 101.15. The new, monthly index from Paychex, Inc.
(NASDAQ:PAYX), a leading provider of payroll, human resource, and
benefits outsourcing solutions for small-to medium-sized
businesses, and IHS, Inc. (NYSE:IHS), a leading global source of
critical information and insight, launched today and provides
insight into the state of small business employment in the U.S.
The Paychex | IHS Small Business Jobs Index analyzes same-store
year-over-year worker count changes to identify and track small
business employment trends using real small business payroll data
from the Paychex client base. The index is based on aggregated data
from approximately 350,000 small businesses with fewer than 50
workers across the United States, one of the largest sample sizes
of any small business index or report in the country, and provides
timely, accurate insight into national, regional, state, and metro
employment activity.
Although it did not advance further in March, the Paychex | IHS
Small Business Jobs Index remained at its recent peak level that
was achieved following sharp gains in January and February. The
3-month gain was 0.40 percent.
The Paychex | IHS Small Business Jobs Index is a monthly measure
of change in small business employment in the United States. The
data for the index comes from a sub-set of the Paychex client base
and is not influenced by any other source of information. The index
uses a base year of 2004, a period of expansion before the start of
the economic downturn. When the index trends up it is a sign of a
strengthening job market, and when it trends down it is a sign of a
slowdown.
“With a budget agreement at long last in place in Washington,
U.S. economic growth was expected to take off in 2014,” said James
Diffley, chief regional economist, IHS. “The continued high level
of the Paychex | IHS Small Business Jobs Index is further evidence
of labor market stability and a return to job security for
Americans in 2014.”
“With small businesses representing nearly 95 percent of
employers in the U.S., tracking the hiring trends in this segment
of the market is an important tool in gauging the overall health of
the U.S. economy,” said Martin Mucci, president and CEO of Paychex.
“Paychex is pleased to partner with IHS on what we believe will be
the most timely and accurate barometer of small business employment
in the U.S.”
National Index
The Paychex | IHS Small Business Jobs Index remained at its peak
of 101.15, achieved last month. It has increased consistently since
October, and year-over-year gains of 0.33 percent in March are the
largest since May 2013.
Regional Employment
Tracking the same regions measured by the Bureau of Labor
Statistics (BLS), the Mountain region is leading year-over-year
small business employment gains; it also produced the
second-fastest all-employer job growth in the nation in 2013,
according to the BLS.
State Employment Trend
Measuring the 20 largest states based on U.S. population, Texas,
Illinois, Washington, and Wisconsin lead the Paychex | IHS Small
Business Jobs Index state ranking. A sharp March decline in the
Missouri index pushed it to the second-lowest rank among states,
joining Virginia, New Jersey, and Maryland, which have seen weak
job growth since 2013.
Metropolitan Employment Trend
Measuring the 20 largest metro areas based on U.S. population,
Dallas’ small business indicator is ahead of other large metros,
consistent with its robust job growth overall. Houston ranked
fourth, joining Riverside, CA, and San Francisco among the top
performing metros.
The Paychex | IHS Small Business Jobs Index launches today from
the NASDAQ Market Site in New York City with a roundtable event
featuring Paychex President and CEO Martin Mucci and IHS Chief
Economist Nariman Behravesh. The roundtable event will be webcast
live and available for replay at
http://www.media-server.com/m/p/fyxh8aey.
For more information about the Paychex | IHS Small Business Jobs
Index, please visit the jobs index website. Plus, view and download
the March 2014 Paychex | IHS Small Business Jobs Index
infographic.
Sign up to receive monthly alerts on the Paychex | IHS Small
Business Jobs Index.
About Paychex
Paychex, Inc. (NASDAQ:PAYX) is a leading provider of payroll,
human resource, and benefits outsourcing solutions for small- to
medium-sized businesses. The company offers comprehensive payroll
services, including payroll processing, payroll tax administration,
and employee pay services, including direct deposit, check signing,
and Readychex®. Human resource services include 401(k) plan
recordkeeping, section 125 plans, a professional employer
organization, time and attendance solutions, and other
administrative services for business. A variety of business
insurance products, including group health and workers'
compensation, are made available through Paychex Insurance Agency,
Inc. Paychex was founded in 1971. With headquarters in Rochester,
New York, the company has more than 100 offices serving
approximately 570,000 payroll clients as of May 31, 2013. For more
information about Paychex and our products, visit
www.paychex.com.
About IHS
(www.ihs.com)
IHS (NYSE:IHS) is the leading source of information, insight and
analytics in critical areas that shape today’s business landscape.
Businesses and governments in more than 165 countries around the
globe rely on the comprehensive content, expert independent
analysis and flexible delivery methods of IHS to make high-impact
decisions and develop strategies with speed and confidence. IHS has
been in business since 1959 and became a publicly traded company on
the New York Stock Exchange in 2005. Headquartered in Englewood,
Colorado, USA, IHS is committed to sustainable, profitable growth
and employs more than 8,000 people in 31 countries around the
world.
IHS is a registered trademark of IHS Inc. All other company and
product names may be trademarks of their respective owners.
Copyright © 2014 IHS Inc. All rights reserved.
Stay Connected with Paychex Twitter:
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Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20140401005476/en/
MediaPaychex, Inc.Lisa Fleming,
585-387-6402lfleming@paychex.com@PaychexNewsorIHSJim Dorsey,
781-301-9069Jim.dorsey@ihs.comorEric Mower + AssociatesTom Brede,
585-389-1870tbrede@mower.com
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