Job Gains in U.S. Small Businesses Continue in June
02 Juli 2024 - 2:30PM
Business Wire
Hourly earnings growth for small business
workers holds steady
According to the Paychex Small Business Employment Watch, U.S.
employers with fewer than 50 employees continued to add jobs in
June, though at a slower pace than in May. Hourly earnings growth
for small business workers held steady at 3.16% in June.
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U.S. small businesses continued to add
jobs in June, though at a slower pace than May, while wage growth
held steady. (Graphic: Business Wire)
“Small businesses continued to add jobs across the country in
June and there was little change in wage inflation, which reflects
relative stability for small businesses,” said John Gibson, Paychex
president and CEO. “The trends in our wage data over the first half
of 2024 are also signaling steady hourly earnings growth heading
into the second half of the year.”
“While jobs are growing nationally, small businesses in some
geographies and industries continue to face a challenging operating
environment due to complex regulations, a tight labor market, and
inflationary pressures,” Gibson added. “We are continuing to see
the impact of these challenges in the West region, particularly in
the state of California, which came in last among states for job
growth in June. At the same time, our customers are telling us they
are being more selective in the hiring process and searching for
candidates who will boost their culture and bottom line.”
Jobs Index and Wage Data Highlights:
- The national jobs index continued to represent employment gains
in June (100.29), though at a slower pace than May (100.58) and
June 2023 (101.37).
- National hourly earnings growth held steady at 3.16% in June,
consistent with the moderating trend reported during the first half
of 2024.
- One- and three-month annualized hourly earnings growth reported
3.04% and 2.85% in June, respectively, slightly below the 12-month
growth rate (3.16%).
- California (99.37) dropped to last among states in June and has
reported an index level below 100 for three-straight months,
indicating year-over-year job losses. Leisure and Hospitality
ranked last among sectors analyzed in California in June, slowing
2.70 percentage points over the last quarter. Weekly hours worked
growth in Leisure and Hospitality across the state was down 1.77%
last month.
- The two largest industry sectors, Education and Health Services
(102.18) and Professional and Business Services (100.20), increased
their rate of small business employment growth from last month in
June.
- Weekly earnings growth (2.96%) improved for the third
consecutive month, though the increases have been marginal
(0.03%).
The complete Small Business Employment Watch results for June
2024, including interactive charts detailing the data at a
national, regional, state, metro, and industry sector level are
available at www.paychex.com/watch. Learn more and sign up to
receive monthly Employment Watch alerts.
About the Paychex Small Business Employment Watch
The Paychex Small Business Employment Watch is released each
month by Paychex, Inc. Focused exclusively on businesses with fewer
than 50 workers, the monthly report offers analysis of national
employment and wage trends and examines regional, state, metro, and
industry sector activity. Drawing from the payroll data of
approximately 350,000 Paychex clients, this powerful industry
benchmark delivers real-time insights into the small business
trends driving the U.S. economy. The jobs index is scaled to 100,
which represents no year-over-year change in job growth among same
store businesses. Index values above 100 represent new jobs being
added, while values below 100 represent jobs being lost.
About Paychex
Paychex, Inc. (Nasdaq: PAYX) is an industry-leading HCM company
delivering a full suite of technology and advisory services in
human resources, employee benefit solutions, insurance, and
payroll. The company serves over 745,000 customers in the U.S. and
Europe and pays one out of every 12 American private sector
employees. The more than 16,000 people at Paychex are committed to
helping businesses succeed and building thriving communities where
they work and live. Visit paychex.com to learn more.
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Media Contacts Tracy Volkmann Paychex, Inc. Manager,
Public Relations (585) 387-6705 tvolkman@paychex.com @Paychex
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