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Classified in: Business
Subjects: ECO, SBS

Small Business Jobs Index Increases Slightly Driven by Gains in the Northeast and the Construction Industry


ROCHESTER, N.Y., Sept. 29, 2020 /PRNewswire/ -- The latest Paychex | IHS Markit Small Business Employment Watch shows a slight increase in hiring from the previous month, rising 0.06 percent nationally and 0.36 percent in the Northeast. The national jobs index stands at 94.44, remaining in line with April's reading of 94.63. Small business wage growth slowed to 3.14 percent in September, while growth in weekly hours worked maintained a solid pace, up 0.65 percent from last year. Weekly earnings growth held steady at 3.86 percent in September.

"While it was positive to see a slight improvement in September, the national jobs index and small business hiring has remained largely flat over the past several months," said James Diffley, chief regional economist at IHS Markit.

"We're starting to see signs of improvement in specific regions, including the Northeast, which was hit particularly hard in the early stages of the pandemic. Activity in the Construction industry has also been a bright spot," said Martin Mucci, Paychex president and CEO. "Even with hiring levels remaining flat on the national level for many small businesses, when monitoring the number of employees being paid, steady growth is being seen, indicating that small businesses are bringing existing employees back to work."

The report also includes regional, state, metro, and industry level analysis, showing:

The complete results for September, including interactive charts detailing all data at a national, regional, state, metro, and industry level, are available at www.paychex.com/employment-watch. Highlights are available below. 

Note: Data presented for the month of September was collected from Friday, August 14 through Thursday, September 17, the cutoff date for the Small Business Employment Watch.

National Jobs Index

National Wage Report

Regional Jobs Index

Regional Wage Report 

State Jobs Index

Note: Analysis is provided for the 20 largest states based on U.S. population.

State Wage Report

Note: Analysis is provided for the 20 largest states based on U.S. population.

Metropolitan Jobs Index 

Note: Analysis is provided for the 20 largest metro areas based on U.S. population.

Metropolitan Wage Report

Note: Analysis is provided for the 20 largest metro areas based on U.S. population.

Industry Jobs Index

Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found here. The Other Services (excluding Public Administration) industry category includes religious, civic, and social organizations, as well as personal services, including automotive and household repair, salons, drycleaners, and other businesses.

Industry Wage Report 

Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found here. The Other Services (excluding Public Administration) industry category includes religious, civic, and social organizations, as well as personal services, including automotive and household repair, salons, drycleaners, and other businesses.

For more information about the Paychex | IHS Markit Small Business Employment Watch, 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, benefits, human resources, 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 45 years of industry expertise, Paychex served more than 680,000 payroll clients as of May 31, 2020 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn.

About IHS Markit (www.ihsmarkit.com)

IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions 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 business and government customers, including 80 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 © 2020 IHS Markit Ltd. All rights reserved.

Media Contacts

Lisa Fleming
Paychex, Inc.
+1 585-387-6402
[email protected] 
@PaychexNews 

Kate Smith
IHS Markit
+1 781-301-9311
[email protected] 

Colleen Bennis
Mower
+1 585-389-1865
[email protected] 

SOURCE Paychex, Inc.


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