- National index was 100.34 in October;
while job gains continue, the index has moderated, with the pace of
small business employment growth slowing for three straight
months
- Mountain remains top-ranked region;
Washington rises to the top among states; Dallas continues to lead
metro areas by a wide margin
- Other Services tops industry sectors;
Construction industry ranks second with an index over 101 for more
than four years
The Paychex | IHS Small Business Jobs Index decreased in
October, moving from 100.44 to 100.34. Although small business
employment remains positive, with an index level above 100, the
national index has moderated, declining 0.31 percent in the last
quarter and 0.49 percent over the past year. The Mountain region
was once again the top-performing regional index. Washington rose
to the top spot among states, followed by Texas and Georgia, all
with index levels at 102 or higher. Dallas continues as the
top-ranked metro area by a wide margin. Other Services (except
Public Administration)*, as defined by the Bureau of Labor
Statistics, ranks as the top industry sector for small business
employment growth at 104.21. The Construction industry ranks second
with an index above 101 for more than four years.
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“The Paychex | IHS Small Business Jobs Index retreated again in
October, for the third consecutive month,” said James Diffley,
chief regional economist at IHS. “Nevertheless, at 100.34, small
business job gains proceed at a pace 0.34 percent faster than in
our base period 10 years ago.”
“Even though the pace of small business growth has slowed, the
index has consistently been above 100, indicating a slow, but
steady continuation of job gains,” said Martin Mucci, president and
CEO of Paychex.
National Index
The national index has trended downward throughout the year, now
0.50 percent below its 2015 high in February. While job gains
continue, with the index level above 100, this is the first time
the pace of small business growth has slowed for three straight
months since early 2013. The rate of job growth decreased in eight
of the nine regions during the past month as well as the past year,
with New England only marginally increasing, 0.04 percent in
October and 0.08 percent since October 2014.
Regional Employment
At 101.64, Mountain remains the top-ranked region in October.
New England was the only region to show a positive one-month and
12-month growth rate, propelled by the Boston metro and
Massachusetts. With the lowest 12-month growth rate (-2.12
percent), the rate of employment growth has declined seven
consecutive months in the West North Central. The West North
Central, along with the Middle Atlantic, are the only regions with
an index below 100. Down 0.56 percent, East South Central had the
lowest one-month growth rate among regions, as its index fell to a
three-year low.
Note: Percentages displayed in the regional heat map reflect
12-month changes.
State Employment Trend
Rebounding 0.27 percent to 102.73, Washington overtook Texas as
the top-ranked state index. Rounding out the top three, Texas and
Georgia both fell in October, but their index levels remain at or
above 102. Job conditions strengthened in Massachusetts for the
fifth straight month as the state’s index is back over 100 and flat
year-over-year. Small business job growth slowed the most in
Tennessee, North Carolina, and Michigan during the past month. At
100.95, Wisconsin improved in October and had the best 12-month
growth rate among states at 0.60 percent.
Note: Analysis is provided for the 20 largest states based on
U.S. population.
Metropolitan Employment Trend
At 105.76, Dallas is relatively unchanged during the past
quarter, and still well above other metros. Seattle ranked second
and is the only other metro index above 102, but has retreated 1.78
percent during the past year. Boston had another strong gain in
October as its index surpassed 100 and is up 0.99 percent during
the past quarter. The pace of employment growth weakened further in
Houston, falling 0.61 percent in October and 3.39 percent over the
past 12 months. At 100.06, Houston is now at its lowest level since
2010. New York City dropped 0.20 percent to 98.96 in October and
now leads only Minneapolis among metros.
Note: Analysis is provided for the 20 largest metro areas based
on U.S. population.
Industry Employment Trend
Other Services (except Public Administration), which includes
offerings as varied as repair and maintenance to personal and
laundry services among other things, hit a new record high in
October, 104.21, and is outpacing all other industry sectors by a
wide margin. At 101.70, Construction is the second-ranked industry
index and has been over 101 for more than four years. Leisure and
Hospitality had its worst one-month result in more than two years
(-0.67 percent) as its index fell to 100.00, giving up all of the
momentum gained in 2015. Manufacturing remains the lowest-ranked
industry and its 1.43 percent decline over the past year coincides
with the general manufacturing cutbacks tied to the increase in the
value of the dollar and retrenchment in oil and gas.
Note: Analysis is provided for eight major industry sectors.
For more information about the Paychex | IHS Small Business Jobs
Index, visit the index website. Plus, view and download the October
2015 Paychex | IHS Small Business Jobs Index infographic. Or, sign
up to receive monthly alerts on the Paychex | IHS Small Business
Jobs Index.
*Information regarding the professions included in the industry
data can be found at the Bureau of Labor Statistics website.
About the Paychex | IHS Small Business Jobs Index
The Paychex | IHS Small Business Jobs Index is released each
month by 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, providing 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, metro, and
industry employment activity.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151103005393/en/
Paychex, Inc.Lisa Fleming,
585-387-6402lfleming@paychex.com@PaychexNewsorIHSKate Smith,
781-301-9311Kate.smith@ihs.comorEric Mower + AssociatesEmily Bowe,
315-413-4236ebowe@mower.com
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