Despite 0.11 percent drop in November, the
index is 0.07 percent higher than a year ago; West North Central
region maintains top index spot, while Washington and Dallas remain
atop index for states and metro areas
While the Paychex | IHS Small Business Jobs Index grew
0.07 percent in the past 12 months, the national index declined
0.11 percent in November, coming in at 100.73. Despite maintaining
momentum in October, the national index has decreased by 0.25
percent over the past three months as strong employment growth
conditions have weakened slightly. Small business job growth in the
Central regions has kept the West North Central region at the top
of the regional index for the second straight month. With strong
12-month growth rates, Washington and Dallas continue to lead the
states and metro areas, respectively.
“The Paychex | IHS Small Business Jobs Index declined in
November, giving up the last of its 2014 gains,” said James
Diffley, chief regional economist at IHS. “With an index level of
100.73, small business employment continues to grow, but at a
moderate pace, reflecting levels seen since 2012.”
“Even though the national index shows small business employment
growing at a moderate pace when compared to earlier this year, the
continued strong performance among certain regions, states, and
metro areas gives us reason for optimism,” said Martin Mucci,
president and CEO of Paychex.
The November 2014 Paychex | IHS Small
Business Jobs Index
National Index
The Paychex | IHS Small Business Jobs Index fell to 100.73, its
lowest level since November 2013. After a very strong start to
2014, the November decline, though small, is the fifth of the past
seven months. The 12-month growth rate stands at 0.07 percent,
marginally ahead of where it was a year ago.
Regional Employment
The Central regions advanced during the past year while the
Coastal regions retreated, leaving the national index flat. Despite
the largest 12-month decline, the Pacific region remains in
positive territory. Since peaking in August 2014 at 102.14, the
Mountain region has fallen significantly over the past three months
by 1.36 percent.
State Employment Trend
California had one of the biggest declines in the past
12-months, falling 0.92 percent. However, the state’s index remains
over 101 as small business employment accelerated in 2013. Overall,
the California economy has grown strongly this year, ranking 15th
in employment, according to the Bureau of Labor Statistics. New
Jersey, Virginia, and Massachusetts are the only states with index
levels below 100 in November.
Note: Analysis is provided for the 20 largest states based on
U.S. population.
Metropolitan Employment Trend
Dallas, Houston, and Seattle all remain above 103 with
employment growth rates gaining more than one percent over the past
year. Minneapolis has steadily risen to the fourth highest metro
index with a strong 1.91 percent 12-month growth rate.
Note: Analysis is provided for the 20 largest metro areas based
on U.S. population.
Launched on April 1, the monthly index from Paychex, Inc., a
leading provider of payroll, human resource, insurance, and
benefits outsourcing solutions for small-to medium-sized
businesses, and IHS, Inc., a leading global source of critical
information and insight, provides analysis of small business
employment trends across the U.S.
The 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. 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.
For more information about the Paychex | IHS Small Business Jobs
Index, please visit the jobs index website. Plus, view and download
the November 2014 Paychex | IHS Small Business Jobs Index
infographic. Or, 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 580,000 payroll clients as of May 31, 2014. 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
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LinkedIn: http://www.linkedin.com/company/paychex/products
Photos/Multimedia Gallery Available:
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Paychex, 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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