National index was stable in July; East North
Central continued as top-ranked region; Washington maintained top
index spot among states; Dallas continues strong performance as
top-ranked metro area for 10th straight month
For the second straight month, the Paychex | IHS Small Business
Jobs Index was relatively unchanged, increasing slightly from
100.63 in June to 100.64 in July. The national index has seen
little movement in recent months, essentially remaining flat from
May to July. Still trailing employment growth seen in 2014, the
index was down 0.46 percent from the previous July. The East North
Central region continues as the highest-ranked regional index.
Washington maintained its lead among states, and for the 10th
straight month, Dallas ranked number one among metro areas for
employment growth with an index level surpassing 105.
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“The Paychex | IHS Small Business Jobs Index indicates job gains
have been steady in 2015 as the July reading of 100.64 is almost
identical to May and June, as well as the beginning of the year in
January (100.65),” said James Diffley, chief regional economist at
IHS.
“The index data from July appears to be consistent with what the
government reported last week, that the economy is experiencing
slow, steady growth,” said Martin Mucci, president and CEO of
Paychex.”
National Index
Stability is apparent this summer, and this year, in contrast to
the volatility of the preceding year. Up 0.02 percent in July, the
first reading of the third quarter signals consistent job growth.
While the national index has remained relatively flat in 2015, the
level has been over 100 for nearly four years, since September
2011. Seven of the nine regions increased the rate of employment
growth in July.
Regional Employment
At 101.84, the East North Central has the highest Index in July.
Looking at the 3-month growth rate, Mountain led all regions,
increasing 0.54 percent, while the two least populous regions, West
North Central and East South Central, decreased 1.33 percent and
0.98 percent respectively. Pacific gained 0.12 percent in July and
moved up to the third ranked regional index at 101.43.
State Employment Trend
Washington leads all states with an index level above 103, with
Wisconsin, Michigan, and Texas all above 102. According to BLS
data, Michigan is adding jobs at a faster pace this year than all
states east of the Mississippi. Despite a promising start to 2015,
Virginia fell sharply in June, 1.04 percent, and again in July,
0.66 percent. Wisconsin and Tennessee scored the largest one-month
gains, increasing 0.51 percent. Tennessee’s index increase aligns
well with BLS data that shows Tennessee among the leaders in
overall job growth for the second quarter.
Note: Analysis is provided for the 20 largest states based on
U.S. population.
Metropolitan Employment Trend
Texas is a tale of two cities. The Dallas index surged over 105,
far outdistancing all other metros, while Houston fell below 100 in
the midst of oil and gas retrenchment. According to the BLS, total
job growth for Texas has fallen from near the top to among the
middle of all states. Miami jumped 0.60 percent in July to 101.28,
an eight-year high. Washington dropped 0.68 percent and is the only
metro with an index below 98.
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 July 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 integrated
human capital management solutions for payroll, HR, retirement, and
insurance services. By combining its innovative
software-as-a-service technology and mobility platform with
dedicated, personal service, Paychex empowers small- and
medium-sized business owners to focus on the growth and management
of their business. Backed by more than 40 years of industry
expertise, Paychex serves approximately 590,000 payroll clients
across 100 locations and pays one out of every 15 American private
sector employees. Learn more about Paychex by visiting
www.paychex.com, and stay connected on Twitter and LinkedIn.
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 Twitter:
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version on businesswire.com: http://www.businesswire.com/news/home/20150804005593/en/
Media: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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