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Rochester, New York, August 2, 2022 /PRNewswire/ — U.S. small business hiring slowed for the fifth consecutive month, according to Paychex | IHS Markit Small Business Hours of Operation. The Small Business Operations Index stands at 100.14, down -0.66 percent from last month. Wage growth slowed slightly from last month, with average hourly earnings at 5.08 percent compared to 5.13 percent. June 2022.
“While the country’s gross domestic product expanded, the small business activity index also fell sharply in July,” he said. James Diffley“With an index above 100, we are seeing continued job growth, but the pace of growth has slowed,” said IHS Markit’s chief regional economist.
For nearly two years, businesses have rapidly added workers to make up for losses incurred during the pandemic. Martin Mucci, Paychex CEO. “While the growth rate is slowing, additional analysis of our clients indicates that the demand for workers remains strong, and a shortage of applicants is slowing overall job growth.”
For more details, the July report showed the following.
- The employment index in all regions fell in July, with the largest decline in the West (-0.81 percent).
- At 100.67, the South continues to be the strongest region for small business growth.
- North Carolina It’s the new high state for job growth; Florida It’s the new top state for hourly earnings growth.
- Dallas It continues to lead U.S. metros in small business growth and hourly earnings growth.
- Other services (excluding public administration) remained the top sector for job growth at 103.11 in July.
Paychex solutions reach 1 in 12 US private sector workers, making Small Business Employment Watch the industry benchmark. Based on payroll data from nearly 350,000 Paychecks customers and employees under 50, the monthly report provides analysis of national employment and wage trends and examines regional, state, metro and industry sector activity.
Complete results for July, including interactive charts detailing all the data, are available at www.paychex.com/watch. Highlights are below.
National Job Directory
- The national index fell in July, down 0.66 percent compared to the previous month.
- Small employment growth declined for the fifth consecutive month from 101.33 in February to 100.14 in July.
National salary report
- At 5.08 percent, hourly earnings growth was flat for the second month in a row.
- Weekly earnings growth improved for the fifth consecutive month, rising to 4.62 percent in July from 3.95 percent in February.
- Although negative in July (-0.35 percent), weekly hours of work growth improved during the month, reaching the highest level this year.
Directory of Regional Works
- All regions declined in July, with the West declining the most (-0.81 percent).
- At 100.67, the South leads regional indexes for the fourth straight month.
- The West (99.84) and Midwest (99.67) both fell below 100 in July.
Note: Percentages shown on regional heat maps reflect 12-month changes.
Regional salary report
- At 5.59 percent, hourly earnings growth in the South increased to 15.Th consecutive month. The South also led weekly revenue and job growth.
- For the third consecutive month, the Northeast was the only region with hourly earnings below five percent (4.53 percent) and weekly earnings growth below four percent (3.92 percent).
Note: Percentages shown on regional heat maps reflect 12-month changes.
Directory of State Works
- at 102.68, North Carolina It leads the states by a large margin.
- Tennessee (0.20 percent) and Arizona (0.08 percent) were the only state indices to improve in July.
- four states (Wisconsin, Indiana, MissouriAnd Massachusetts) each fell one percent in July.
Note: Analysis is provided for the 20 largest US states by population.
State salary report
- Florida Hourly revenue growth (6.34 percent) and weekly revenue growth (5.84 percent) ranked first among the states. however, Arizona, OhioAnd Indiana They weren’t far behind as they each had more than 6% hourly revenue growth.
- Virginia It was the only state to post hourly earnings growth of less than 4 percent.
- None of the 20 states analyzed showed an increase in weekly hours.
Note: Analysis is provided for the 20 largest US states by population.
Directory of Metropolitan Works
- in 104.02, Dallas Despite having the second largest, it continues to lead metros.
One-month decline (-1.34 percent). - other Texas metro, HoustonIt ranked second at 101.97 and was one of two metros (Houston And Phoenix) to improve the index level in July.
- California It is home to three low-lying meteors: San Francisco, RiversideAnd San Diego. San Francisco It fell 1.60 percent in July, the most significant decline and again the lowest in the metro (98.49).
Note: Analysis is based on US population for the 20 largest metro areas.
Metropolitan salary report
- Dallas Lead Metro hourly revenue growth (7.30 percent), up 22.Th consecutive month. even if Dallas It led job growth by a wide margin, with growth in weekly hours worked (-1.25 percent) ranking last among metros.
- Tampa (6.30 percent), then Dallas (6.19 percent) and Miami (6.13 percent), the highest weekly earnings growth among metros in July.
- Houston (0.28 percent) and Tampa (0.10 percent) There were only two metros with positive weekday-hours-worked growth.
Note: Analysis is based on US population for the 20 largest metro areas.
Directory of industrial works
- At 103.11, other services (except public administration) remained July’s top sector.
- Down 1.99 percent to 101.14, leisure and hospitality posted the biggest decline among sectors for the sixth consecutive month.
Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found over here. Another services (except public administration) industry category includes religious, civic, and social organizations, as well as personal services, auto and home repair, salons, dry cleaners, and other businesses.
Industry Wage Report
- At 7.15 percent, other services (except public administration) led hourly earnings growth among industries. The one- and three-month annual growth was also more than 7 percent.
- Hourly earnings growth in entertainment and hospitality (6.28 percent) declined for the sixth consecutive month. One-month annualized hourly earnings fell to 1.78 percent.
- Construction was the only sector with an increase in weekly working hours (0.38 percent). Leisure and hospitality posted the lowest (-1.64 percent).
Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found over here. Another services (except public administration) industry category includes religious, civic, and social organizations, as well as personal services, auto and home repair, salons, dry cleaners, and other businesses.
About Paychex | For more information, visit the IHS Markit Small Business Employment Watch www.paychex.com/watch And open up To receive monthly employment hour alerts.
* Information about the professions included in the industry information can be found in Bureau of Labor Statistics website.
About Paychex | IHS Markit Small Business Hours
of Paychex | The IHS Markit Small Business Employment Watch is published monthly by Paychex, Inc., a provider of integrated human capital management software solutions for human resources, payroll, benefits and insurance services, and IHS Markit, a world leader in critical data, analytics. And knowledge. Focused exclusively on small businesses with fewer than 50 employees, the monthly report provides an analysis of national employment and wage trends, and examines regional, state, metro and industry sector activity. Drawing on payroll data from nearly 350,000 Paychex customers, this powerful tool provides 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 human resources, payroll, benefits and insurance services. By combining an innovative software-as-a-service technology and mobility platform with dedicated personal service, Paychex empowers business owners to focus on growing and managing their business. Backed by 50 years of industry expertise, Paychex serves more than 730,000 payroll clients. May 31, 2022 In the US and EuropeAnd it pays one in 12 US private sector workers. Learn more about Paychex by visiting www.paychex.com And stay connected Twitter And LinkedIn.
IHS Markit (NYSE: INFO) is a leader in critical information, analytics and solutions for the major industries and markets that drive economies around the world. The company delivers next-generation data, analytics and solutions to clients 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 commercial and government clients, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. In the headquarters LondonIHS Markit is committed to sustainable, profitable growth.
IHS Markit of IHS Markit Ltd. and/or its affiliates is a registered trademark. All other company and product names may be trademarks of their respective owners © 2021 IHS Markit Ltd. all rights reserved.
Media contacts
Lisa Fleming
Paychex, Inc.
+1 585-387-6402
[email protected]
@Paychex
Kate Smith
IHS Markit
+1 781-301-9311
[email protected]
Source: Paychex, Inc.
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