2022-07-05 | NDAQ:PAYX | Press Launch

ROCHESTER, N.Y., July 5, 2022 /PRNewswire/ — Small companies continued so as to add jobs in June and employee wages continued to develop at a robust fee, however the tempo of progress moderated barely from earlier month. These insights are in accordance with the most recent Paychex | IHS Markit Small Enterprise Employment Watch. The Small Enterprise Jobs Index for June was 100.81, up 2.32 % from over a yr in the past and -0.06 % from the earlier month. Common hourly earnings progress for the month stood at 5.10 %, in comparison with 5.16 % from Might 2022.

2022-07-05 | NDAQ:PAYX | Press Launch

“The small enterprise financial system nonetheless is in restoration section with continued job good points, and, surprisingly, moderating wage good points,” mentioned James Diffley, chief regional economist at IHS Markit.

“Our June report reveals continued job progress for small companies. The tempo of that progress slowed barely from the earlier month, nevertheless,” mentioned Martin Mucci, Paychex CEO. “This month’s information additionally confirmed a slight decline in hourly earnings progress, the primary lower in 13 months. Regardless of this, progress stays sturdy, above 5 %.”

In additional element, the June report confirmed:

  • At 100.81, the nationwide jobs index is up 2.32 % over a yr in the past.
  • Hourly earnings have elevated $1.48 through the previous yr, now reaching $30.42.
  • The South continued as the highest area for small enterprise job progress, with Texas and Dallas main amongst states and metros, respectively.
  • The South was additionally the highest area for hourly earnings progress.
  • Ohio was the highest state for hourly earnings progress, adopted carefully by Arizona and Florida.
  • Leisure and hospitality reported the strongest hourly earnings progress amongst business sectors for the 16th consecutive month.
  • Hourly earnings progress within the Development sector hit 5.00 % and once more posted a brand new document degree since reporting started in 2011.

Paychex options attain 1 in 12 American private-sector workers, making the Small Enterprise Employment Watch an business benchmark. Drawing from the payroll information of roughly 350,000 Paychex shoppers with fewer than 50 workers, the month-to-month report presents evaluation of nationwide employment and wage developments, in addition to examines regional, state, metro, and business sector exercise.

The whole outcomes for June, together with interactive charts detailing all information, can be found at www.paychex.com/watch. Highlights can be found under.

Nationwide Jobs Index

  • At 100.81, the nationwide index moderated -0.06 % in June, however has elevated 2.32 % from June 2021.
  • Small enterprise job progress stays at its highest pre-pandemic degree since June 2016, regardless of slowing for the fourth consecutive month to 100.81.
  • June’s one-month change fee (-0.06 %) was modest in comparison with the 0.15 % and 0.27 % declines in April and Might.

Nationwide Wage Report

  • At 5.10 % in June, hourly earnings progress slowed for the primary time since Might 2021.
  • Weekly earnings progress improved for the fourth straight month to 4.47 % in June, although the month-to-month good points are diminishing.
  • At -0.46 %, year-over-year weekly earnings labored progress has been damaging for the previous 14 months.

Regional Jobs Index

  • At 101.10, the South slowed 0.07 % in June, however continues because the strongest area for small enterprise employment progress for the third consecutive month.
  • The Midwest gained 0.28 % in June to deliver its index to 100.33. The Midwest has been final amongst areas for the previous yr, however the hole is closing.
  • Down 0.37 % in June and 1.10 % since February, the West had its weakest one-month change in almost two years because the tempo of small enterprise employment progress has rapidly decelerated within the area.

Notice: Percentages displayed within the regional warmth map replicate 12-month modifications.

Regional Wage Report

  • The South leads areas in hourly earnings progress (5.44 %) and weekly earnings progress (4.86 %), although not by a large margin.
  • The Northeast is the one area with hourly earnings progress under 5 % (4.54 %) and weekly earnings progress under 4 % (3.85 %).
  • Weekly hours labored progress is equally damaging throughout all areas, starting from -0.45 % within the Midwest to -0.61 % within the West.

Notice: Percentages displayed within the regional warmth map replicate 12-month modifications.

State Jobs Index

  • Texas (102.85), adopted carefully by North Carolina (102.75), led states within the fee of small enterprise employment progress in June.
  • Midwest states’ Indiana and Illinois had the sharpest good points in June, 0.91 % and 0.69 %, respectively.
  • Ranked fifth amongst states in April, the California index fell 0.21 % in Might and 0.65 % in June to 100.43 and now ranks 16th.

Notice: Evaluation is offered for the 20 largest states primarily based on U.S. inhabitants.

State Wage Report

  • Ohio, trailed by Arizona and Florida, leads states in hourly earnings progress, above six %. Virginia and Pennsylvania path with progress under 4 %.
  • Tennessee ranks final amongst states in weekly earnings progress (3.27 %) and weekly hours labored progress (-1.01 %).
  • Texas is once more the one state with optimistic weekly hours labored progress, at a modest 0.07 %.

Notice: Evaluation is offered for the 20 largest states primarily based on U.S. inhabitants.

Metropolitan Jobs Index

  • Texas metros Dallas (105.43) and Houston (101.90) are the highest two metros for small enterprise employment progress in June.
  • The entire Pacific metros analyzed fell sizably in June, with San Diego falling essentially the most (-1.26 %). Seattle (-0.87 %), Riverside (-0.83 %), San Francisco (-0.70 %), and Los Angeles (-0.36 %) additionally slowed.
  • Chicago jumped 0.83 % in June, greatest amongst metros. At 101.64, Chicago has improved 3.94 % from final yr and now ranks fourth amongst metros.

Notice: Evaluation is offered for the 20 largest metro areas primarily based on U.S. inhabitants.

Metropolitan Wage Report

  • At 7.10 %, Dallas leads metros in hourly earnings progress.
  • Florida metros Tampa and Miami lead metros in weekly earnings progress, 6.10 % and 5.97 %, respectively.
  • Washington is the one metro with hourly earnings progress under 4 % (3.81 %).

Notice: Evaluation is offered for the 20 largest metro areas primarily based on U.S. inhabitants.

Trade Jobs Index

  • With its index decelerating 0.78 % to 103.20 in June, the tempo of small enterprise employment progress slowed essentially the most within the leisure and hospitality sector for the fifth consecutive month.
  • Skilled and enterprise companies improved to 99.42 in June, its highest index degree since October 2018. Skilled and enterprise companies gained 0.44 % in June, greatest amongst sectors, and improved to fourth amongst sectors, its highest rating since earlier than the pandemic.

Notice: Evaluation is offered for seven main business sectors. Definitions of every business sector could be discovered right here. The opposite companies (besides public administration) business class contains spiritual, civic, and social organizations, in addition to private companies, together with automotive and family restore, salons, drycleaners, and different companies.

Trade Wage Report

  • All sectors analyzed have hourly earnings progress above 4 % in June, with schooling and well being companies lastly reaching that degree in addition to a brand new document degree for the eighth consecutive month.
  • For the third consecutive month, leisure and hospitality has the strongest hourly earnings progress (7.49 %) and the weakest weekly hours labored progress (-1.93 %) amongst sectors.
  • At 6.26 %, different companies (besides public administration) topped weekly earnings progress amongst sectors in June, rapidly accelerating from final place in February 2022 (2.67 %).

Notice: Evaluation is offered for seven main business sectors. Definitions of every business sector could be discovered right here. The opposite companies (besides public administration) business class contains spiritual, civic, and social organizations, in addition to private companies, together with automotive and family restore, salons, drycleaners, and different companies.

For extra details about the Paychex | IHS Markit Small Enterprise Employment Watch, go to www.paychex.com/watch and join to obtain month-to-month Employment Watch alerts.

*Info concerning the professions included within the business information could be discovered on the Bureau of Labor Statistics web site.

In regards to the Paychex | IHS Markit Small Enterprise Employment Watch

The Paychex | IHS Markit Small Enterprise Employment Watch is launched every month by Paychex, Inc., a number one supplier of built-in human capital administration software program options for human sources, payroll, advantages, and insurance coverage companies, and IHS Markit, a world chief in important data, analytics, and experience. Centered solely on small enterprise with fewer than 50 workers, the month-to-month report presents evaluation of nationwide employment and wage developments, in addition to examines regional, state, metro, and business sector exercise. Drawing from the payroll information of roughly 350,000 Paychex shoppers, this highly effective device delivers real-time insights into the small enterprise developments driving the U.S. financial system.

About Paychex

Paychex, Inc. (Nasdaq: PAYX) is a number one supplier of built-in human capital administration options for human sources, payroll, advantages, and insurance coverage companies. By combining modern software-as-a-service expertise and mobility platform with devoted, private service, Paychex empowers enterprise homeowners to deal with the expansion and administration of their enterprise. Backed by 50 years of business experience, Paychex serves greater than 730,000 payroll shoppers as of Might 31, 2022 within the U.S. and Europe, and pays one out of each 12 American non-public sector workers. Study extra about Paychex by visiting www.paychex.com and keep linked on Twitter and LinkedIn.

IHS Markit (NYSE: INFO) is a world chief in important data, analytics and options for the foremost industries and markets that drive economies worldwide. The corporate delivers next-generation data, analytics and options to prospects in enterprise, finance and authorities, bettering their operational effectivity and offering deep insights that result in well-informed, assured selections. IHS Markit has greater than 50,000 enterprise and authorities prospects, together with 80 % of the Fortune World 500 and the world’s main monetary establishments. Headquartered in London, IHS Markit is dedicated to sustainable, worthwhile progress.

IHS Markit is a registered trademark of IHS Markit Ltd. and/or its associates. All different firm and product names could also be logos of their respective homeowners © 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]

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SOURCE Paychex, Inc.

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