National job growth continued to rise significantly in August, according to aggregated payroll data of approximately 350,000 clients provided by Paychex. The data released in the latest report of the Paychex | IHS Markit Small Business Employment Watch shows the Small Business Jobs Index gained 0.45 percent in August. At 99.80, the national index has increased 5.74 percent during the past 12 months, representing a record-high year-over-year growth rate. Hourly earnings growth increased to 3.42 percent in August, its third consecutive gain.
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“The Small Business Jobs Index reached its highest level since January 2018,” said James Diffley, chief regional economist at IHS Markit. “The national index climbed 1.56 percent in the quarter to 99.80.”
“August’s growth in employment suggests continued economic recovery,” said Martin Mucci, Paychex president and CEO. “In the weeks ahead, we’ll be examining the impact of the conclusion of extended COVID-19 unemployment benefits, which could provide another boost to hiring.”
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In further detail, the August report showed:
- Leisure and hospitality continued its recovery in August with its employment index surging to 101.90, up 14.61 percent since August 2020.
- Hourly earnings growth is up 8.36 percent since last year in leisure and hospitality.
- All regions of the U.S. had sizable employment gains in August. The South remains the leader in small business job growth.
- Arizona continues to lead all states in small business job growth.
- Tampa leads all metros in small business employment growth, with Dallas, Atlanta, Phoenix, and Houston rounding out the top five.
Paychex business solutions reach 1 in 12 American private-sector employees, making the Small Business Jobs Index report an industry benchmark. The national jobs index uses a 12-month same-store methodology to gauge small business employment trends on a national, regional, state, metro, and industry basis.
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