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The Paychex | IHS Small Business Jobs Index increased in November, moving from 100.34 to 100.42, signaling modest gains in employment levels at small businesses across the U.S. The national index increased 0.08 percent from the previous month, but declined 0.31 percent from November 2014. The Mountain region was once again the top-performing regional index. Washington continued to lead states tracked by the index, followed by Texas and Florida. Dallas remained the top-ranked metro area by a wide margin. Other Services (except Public Administration)*, as defined by the Bureau of Labor Statistics, ranked as the top industry sector for small business employment growth, while Manufacturing was the lowest.
“Increasing 0.08 percent, the Paychex | IHS Small Business Jobs Index rebounded from its October decline,” said James Diffley, chief regional economist at IHS. “At 100.42, the pace of employment growth is currently 0.42 percent faster than in the base period ten years ago.”
“As small businesses prepare to end 2015, the index indicates they’re hiring,” said Martin Mucci, president and CEO of Paychex. “While the pace of job growth doesn’t match the levels seen in 2014, small businesses continue to add employees at a pace above our base year.”
National Index
Aided by growth in the Middle Atlantic, the Paychex | IHS Small Business Jobs Index increased 0.08 percent from October to November. The national index has been over 100 for 50 consecutive months. The index is down -0.31 percent from last November. With one month remaining in 2015, job conditions have slowed just 0.14 percent, despite a downward trend for most of the year.
Regional Employment
Essentially flat in November (-0.02 percent), Mountain remained the top region at 101.62. West South Central was the only other region above 101. With the lowest 12-month growth rate (-2.49 percent), job growth in the West North Central slowed for the eighth consecutive month as oil price deflation continues to take a toll on regional economies. After trending last among regions for several months, the Middle Atlantic jumped two spots with a large 0.48 percent gain from October to November. Middle Atlantic is the lone region with a positive 12-month growth rate.
State Employment Trend
Washington improved 0.45 percent to 103.20 and remained the top-ranked state index. At 100.58, New Jersey is up 1.53 percent from last month and 2.86 percent from last year, the best growth rates among states. Employment growth slowed in New Jersey in 2014, but has increased in 2015. Georgia fell 0.85 percent from October to November and is down 1.45 percent in the last quarter. With index levels near or above 102 since 2012 through last month, the sustained employment growth in Georgia has slowed quickly since hitting an eight-year high in February 2015.
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