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Small business employment grew steadily in the first quarter of 2023, according to Paychex | IHS Markit Small Business Hours of Operation. The Small Business Jobs Index, which measures employment growth, rose slightly (0.06%) to 99.73 from last month. Average hourly earnings for March rose slightly to 4.64 percent from the previous month.
“The small business economy continues to show resilience this year with monthly job growth,” said James Diffley, regional economist, S&P Global Market Intelligence.
Paychex CEO John Gibson said: “High street small and medium business owners continue to show resilience in the first quarter of 2023. It’s an encouraging start to the year and the full impact of recent banking disruptions on SMB access to capital is still not fully understood. Policymakers should carefully consider their next steps.”
For more details, the March report showed the following.
- After several months of moderation, national hourly earnings growth rose modestly to 4.64 percent, reaching a one-month annualized rate of 5.34 percent in March.
- The national job index has risen for three consecutive months, with growth in the South — the only region with an index above 100 — continuing to lead the nation.
- For the first time since August 2022, weekly hours worked increased by 0.21 percent (to 32.63), adjusted for one-month annual growth.
- Southern states led for the twelfth consecutive month and was the only state with an index above 100 (100.68). Still, the South reported its first decline (-0.14 percent) since September 2022.
- Although job growth slowed by 0.42 percent, North Carolina’s strong performance continued in March, with the state’s index reaching 102.13.
- Illinois growth was 0.25 percent last month and 1.70 percent year-over-year. At 101.92 and second among states, Illinois’ March performance was its strongest since 2014.
- Small business growth remained strong in Houston (103.10), putting the city first among metros for the fifth straight month.
- They lead the entertainment and hospitality sectors in job growth (101.32) and hourly earnings growth (5.96 percent).
Paychex solutions reach 1 in 12 American 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 January, including interactive charts detailing all the data, are available at www.paychex.com/watch.
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