- National index increases by 0.28
percent from December to 100.65 in January
- Washington passes Texas for the top
spot among states
- Mountain remains top-ranked region;
Dallas tops metro areas for sixteenth consecutive month; Other
Services leads industry sectors, followed by Construction
At 100.65, the Paychex | IHS Small Business Jobs Index rebounded
0.28 percent from the previous month to begin 2016. The January
index indicates an increase in the rate of small business hiring,
matching the highest level since May of 2015, and offsetting the
growth rate declines of 2015. The Mountain region remains the
top-performing regional index with the best year-over-year growth
rate. Washington surpassed Texas to take the lead among states.
Despite a drop in January, Dallas maintained its top ranking among
metropolitan areas for the sixteenth consecutive month. Other
Services (except Public Administration)*, as defined by the Bureau
of Labor Statistics, ranked as the top industry sector, followed by
Construction.
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“Following little movement during the last several months of
2015, the national index surged 0.28 percent in January,” said
James Diffley, chief regional economist at IHS. “This marks the
strongest one-month gain in two years.”
“With the one-month gain, small businesses continue to hire, and
at a faster pace, to begin 2016,” said Martin Mucci, president and
CEO of Paychex. “Hopefully, this will be the start of a positive
employment trend for the new year.”
National Index
Employment conditions strengthened 0.31 percent during the last
quarter as January 2016 marks the best three-month growth rate
since March 2014, one month before the index peaked. Though the
rate of employment growth steadily slowed through the last three
quarters of 2015, the spike this January brought the national index
back in line with January 2015 at 100.65. The 12-month growth rate
is flat, after trending negatively through all of 2015.
Regional Employment
Down marginally to 101.70, the Mountain region was one of only
two regions to decrease in January, yet it still remains the
top-ranked region and also leads in year-over-year growth. Jumping
to 100.24, the Middle Atlantic spiked 0.53 percent from the
previous month and 0.90 percent during the past three months as its
index is back over 100 for the first time in over a year. In fact,
all regions were above the national baseline of 100 in January.
Similar to the national index, New England is adding jobs at the
same pace this January compared to last, albeit slightly slower
than the national pace.
State Employment Trend
Texas lost 0.47 percent from December to January to cede first
place among states to Washington as the impact of even lower oil
prices is taking its toll. Ohio and Indiana led the one-month gains
among states in January, perhaps aided by the mild winter. Texas,
Massachusetts, and California were the only states to decline as 17
of 20 states had positive growth in January. Despite the 0.22
percent downturn to begin 2016, Massachusetts remains above 100 and
is adding jobs 0.43 percent faster than in January 2015. New Jersey
gained 0.42 percent in January and 2.25 percent year-over-year to
continue the momentum created during 2015.
Note: Analysis is provided for the 20 largest states based on
U.S. population.
Metropolitan Employment Trend
Falling 1.28 percent from the previous month to 105.67, Dallas
was not able to maintain the exceptionally fast pace of job growth
achieved at the end of 2015 when its index reached 107.04. At
103.06, Seattle is ranked second among metros and has returned to
its January 2015 level. With the best 12-month growth rate of 1.60
percent, Miami moved to third place among metros. New York City is
up 0.67 percent from December and 1.48 percent during the past
three months and, at 100.42, is over 100 for the first time in more
than a year.
Note: Analysis is provided for the 20 largest metro areas based
on U.S. population.
Industry Employment Trend
Up 0.44 percent in January and firmly in second place among
industries, Construction had its strongest one-month gain in nearly
three years, likely aided by the unusually warm winter in the East.
Leisure and Hospitality had the best one-month growth rate among
industries, increasing 0.60 percent and is at its highest level,
101.09, since summer 2014. Trade, Transportation and Utilities,
Professional and Business Services, and Manufacturing all fell
below 100 during the past year and are trending similarly to begin
2016, between 99 and 100. Professional and Business Services was
the only industry to slow in January, albeit just 0.01 percent. At
104.64, Other Services remains the top-ranked index, gaining 1.63
percent since last January.
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 January
2016 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 140 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 8,600 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 © 2016 IHS Inc. All rights reserved.
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version on businesswire.com: http://www.businesswire.com/news/home/20160202005525/en/
MediaPaychex, 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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