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