Monthly Growth Rates for Small Business Employment and Wages Decline Slightly in November

IHS Markit | 12-06-2017

The Paychex | IHS Markit Small Business Employment Watch shows a modest decline in both small business job and wage growth for November. The Small Business Jobs Index decreased 0.03% for the month, 0.10 for the quarter, and 0.52% for the year to 99.86. The national index has now been below 100 for five consecutive months. Monthly small business wage growth has slowed since reaching a high of nearly 3% in August. Hourly earnings in November stand at $26.09, a gain of 2.77% ($0.70) year-over year.

“Though the monthly declines this year have been small, they have been persistent,” said James Diffley, chief regional economist at IHS Markit. “At 99.86, the Small Business Jobs Index indicates employment growth, though steady, is now at the slowest pace since 2011.”

“Although we have seen slight monthly declines in employment growth, the rate of job growth, while still positive, has generally leveled off over the last quarter,” said Martin Mucci, Paychex president and CEO. “It is encouraging to see that hours worked in Florida are back on the rise after recent monthly slowdowns following the hurricanes.”

National Jobs Index

National Wage Report

Regional Jobs Index

Regional Wage Report 

State Jobs Index

State Wage Report

Metropolitan Jobs Index 

Metropolitan Wage Report

Industry Jobs Index

Industry Wage Report 

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. is a leading provider of integrated human capital management solutions for payroll, HR, retirement, 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 45 years of industry expertise, Paychex serves approximately 605,000 payroll clients as of May 31, 2017 across more than 100 locations and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting, and stay connected on Twitter and LinkedIn.

About IHS Markit

IHS Markit is a world leader in critical information, analytics and expertise 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 key business and government customers, including 85% of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.