ROCHESTER, N.Y., Dec. 5, 2017 /PRNewswire/ -- The Paychex | IHS
Markit Small Business Employment Watch shows a modest decline in
both small business job and wage growth for November. The Small
Business Jobs Index decreased 0.03 percent for the month, 0.10 for
the quarter, and 0.52 percent for the year to 99.86. The national
index has now been below 100 for five consecutive months. Monthly
small business wage growth has slowed since reaching a high of
nearly three percent in August. Hourly earnings in November stand
at $26.09, a gain of 2.77 percent
($0.70) year-over year.
"Though the monthly declines this year have been small, they
have been persistent," said James
Diffley, chief regional economist at IHS Markit. "At 99.86,
the Small Business Jobs Index indicates employment growth, though
steady, is now at the slowest pace since 2011."
"Although we have seen slight monthly declines in employment
growth, the rate of job growth, while still positive, has generally
leveled off over the last quarter," said Martin Mucci, Paychex president and CEO. "It is
encouraging to see that hours worked in Florida are back on the rise after recent
monthly slowdowns following the hurricanes."
National Jobs Index
- November marks the ninth consecutive decline and fifth
consecutive month below 100 for the national index.
- Down 0.10 percent for the quarter and 0.52 percent for the
year, the recent decline in the national index has been slow and
steady.
National Wage Report
- After nearly reaching three percent in July, hourly earnings
growth slowed again to 2.77 percent in November.
- With hours worked trending positively, the weekly earnings
growth rate continues to climb, reaching 3.24 percent in
November.
Regional Jobs Index
- Despite slowing 0.55 percent from a year ago, the South is
showing solid small business employment growth and is the only
region with an index level above 100 (100.54).
- Spurred by both New England and Middle Atlantic states, the
Northeast surged 0.32 percent to move into second place among
regions for the first time in 2017.
Regional Wage Report
- The West region continues to lead wage gains by a significant
margin, up 3.45 percent for hourly earnings and 3.86 percent for
weekly earnings.
- The moderation of growth rates is pronounced in the Midwest.
The region shows the weakest gains in both hours worked and hourly
earnings.
State Jobs Index
- Washington and Georgia, with the best one-month and
three-month growth rates among states, rose to second and third,
respectively, behind Tennessee in
November.
- At 98.09, Missouri remained in
last place among states with the weakest one-month and 12-month
growth rates.
Note: Analysis is provided for the 20 largest states based on
U.S. population.
State Wage Report
- Seven of the top 20 states have hourly earnings growth above
three percent, with Arizona
leading and nearing five percent.
- Ranked last in October, hourly earnings growth in Ohio declined further in November to 1.32
percent.
- Led by increases in Construction and Manufacturing, hours
worked in Florida rebounded
significantly in November following sizable declines in recent
months due to Hurricane Irma.
Note: Analysis is provided for the 20 largest states based on
U.S. population.
Metropolitan Jobs Index
- Up 1.29 percent in November, Seattle surged to the top of the metro
rankings for the first time in 2017, having spent nine months
ranked first in 2016.
- Boston spiked 0.68 percent in
November, its best one-month result in more than four years. The
increase brought its index to 100.45, seventh place among
metros.
Note: Analysis is provided for the 20 largest metro areas
based on U.S. population.
Metropolitan Wage Report
- Southwest metros – Phoenix,
San Diego, and Riverside – led hourly earnings growth with
rates well above four percent.
- Boston, Chicago, and Philadelphia trailed in hourly earnings
growth, posting less than two percent annual gains.
Note: Analysis is provided for the 20 largest metro areas
based on U.S. population.
Industry Jobs Index
- Sliding to 99.40, Leisure and Hospitality fell 0.42 percent in
November and 1.42 percent from last year, both the weakest growth
rates among industry sectors.
- Manufacturing had its strongest monthly gain in more than six
years, 0.54 percent, adding to the sector's solid 2017
improvement.
Note: Analysis is provided for seven major industry
sectors.
Industry Wage Report
- Construction has seen strong acceleration in both weekly and
hourly earnings growth, both climbing since March.
- At 3.87 percent, hourly earnings growth fell below four percent
in the Leisure and Hospitality industry for the first time since
2015.
Note: Analysis is provided for seven major industry
sectors.
For more information about the Paychex | IHS Markit Small
Business Employment Watch, including interactive charts detailing
all data at a national, regional, state, metro, and industry level,
visit www.paychex.com/employment-watch and sign up to receive
monthly Employment Watch alerts.
*Information regarding the professions included in the
industry data can be found at the Bureau of Labor Statistics
website.
About the Paychex | IHS Markit Small Business Employment
Watch
The Paychex | IHS Markit Small Business Employment
Watch 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 Markit, a
world leader in critical information, analytics, and expertise.
Focused exclusively on small business, the monthly report offers
analysis of national employment and wage trends, as well as
examines regional, state, metro, and industry sector activity.
Drawing from the payroll data of approximately 350,000 Paychex
clients, this powerful tool delivers real-time insights into the
small business trends driving the U.S. economy.
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 45 years of industry
expertise, Paychex serves approximately 605,000 payroll clients as
of May 31, 2017 across more than 100
locations and pays one out of every 12 American private sector
employees. Learn more about Paychex by visiting www.paychex.com,
and stay connected on Twitter and LinkedIn.
About IHS Markit (www.ihsmarkit.com)
IHS Markit (Nasdaq: INFO) is a world leader in critical
information, analytics and expertise for the major industries and
markets that drive economies worldwide. The company delivers
next-generation information, analytics and solutions to customers
in business, finance and government, improving their operational
efficiency and providing deep insights that lead to well-informed,
confident decisions. IHS Markit has more than 50,000 key business
and government customers, including 85 percent of the Fortune
Global 500 and the world's leading financial institutions.
Headquartered in London, IHS
Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd and/or
its affiliates. All other company and product names may be
trademarks of their respective owners © 2017 IHS Markit Ltd. All
rights reserved.
Media Contacts
Lisa Fleming
Paychex, Inc.
585-387-6402
lfleming@paychex.com
@PaychexNews
Kate Smith
IHS Markit
781-301-9311
Katherine.smith@ihsmarkit.com
Tess Flynn
Eric Mower + Associates
716-880-1488
tflynn@mower.com
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SOURCE Paychex, Inc.