National index remained relatively stable in
June; East North Central continued as top-ranked region; Washington
regained top index spot among states; Dallas was top-performing
metro area for ninth straight month
The Paychex | IHS Small Business Jobs Index was relatively
unchanged in June, declining just 0.03 percent, bringing the
national index to 100.63. Year-over-year the index decreased 0.44
percent. After increasing 0.23 percent during the first quarter of
2015, the pace of employment growth slowed 0.16 percent in the
second quarter. With a national index level above 100, employment
growth conditions remain stronger than during the index’s base year
of 2004. The East North Central region maintained its position as
the highest-ranked regional index. Washington regained the lead
among states once again. Dallas continued its streak of strong
employment growth and was the top-ranked metro area for the ninth
straight month.
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“At 100.63, the Paychex | IHS Small Business Jobs Index was
almost unchanged in June as it remains below the level set
throughout much of 2014. Among industries, employment conditions
strengthened most in leisure and hospitality, while construction
declined sharply,” said James Diffley, chief regional economist at
IHS.
“Even though the pace of employment growth slowed slightly from
the first quarter to the second, the past 12 months have shown the
index consistently over 100, indicating a slow but steady
continuation of job gains,” said Martin Mucci, president and CEO of
Paychex.
National Index
The national index has shown mixed results since September 2014,
moving within a narrow band for the last ten months between 100.56
and 100.85. Small business employment conditions slowed 0.44
percent since last June. However, the national index remained well
over 100 during the past 12 months, signifying continued
growth.
Regional Employment
The East North Central region had the highest regional index in
June at 101.82. The West North Central suffered the greatest drop
for the quarter, 1.34 percent, while the East South Central had the
largest fall for the month, 0.64 percent. With each of the nine
regions experiencing year-over-year declines, New England once
again had the worst growth rate, -1.01 percent. However, New
England managed a strong one-month growth rate of 0.20 percent in
June. With its worst one-month growth rate since 2009, the South
Atlantic dropped to the lowest index level among regions
(99.65).
State Employment Trend
At 103.39 and up 0.28 percent from May to June, Washington
regained the top spot and is the only state index over 103. Unable
to maintain the pace of employment growth set in May, Indiana fell
to the seventh-ranked index in June. After five consecutive months
of sustained growth to begin 2015, Virginia lost those gains,
dropping 1.04 percent from May to June.
Note: Analysis is provided for the 20 largest states based on
U.S. population.
Metropolitan Employment Trend
At 104.26, Dallas has had an index level above 104 for the past
three months; it’s also been the top-ranked metro for nine
consecutive months. With the second best one-month and 12-month
growth rates, Detroit remained in second place and spiked to a new
record high, 103.55. St. Louis jumped to 102.55 in June with the
best one-month and 12-month growth rates. Coming off a four-year
high in May, Washington tumbled to last place among metro areas in
June, decreasing 0.85 percent to 98.58. Houston had another sizable
decrease from May to June, falling 0.55 percent to its lowest index
level in four years, 100.34.
Note: Analysis is provided for the 20 largest metro areas based
on U.S. population.
Launched on April 1, 2014, 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 June 2015 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 insight, analytics and
expertise in critical areas that shape today’s business landscape.
Businesses and governments in more than 150 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 about 8,800 people in 32 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 © 2015 IHS Inc. All rights reserved.
Stay Connected with Paychex
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LinkedIn: http://www.linkedin.com/company/paychex/products
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150630005221/en/
Paychex, Inc.Lisa Fleming,
585-387-6402lfleming@paychex.com@PaychexNewsorIHSKate Smith,
781-301-9311Kate.smith@ihs.comorEric Mower + AssociatesTom Brede,
585-389-1870tbrede@mower.com
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