Joe Raedle / Getty ImagesSmall businesses are often collectively referred to as the backbone of the U.S. economy. While the stock market managed to recapture all of the losses from February and March and hit new all-time highs recently, the stock market does not represent the small business sector. One critical view of small businesses is the trend on wages and hiring.
According to IHS | Markit, small businesses represent nearly 95 percent of all U.S. employers. This group tracks the number of people who are employed by small businesses and they track the wages that are being paid. The Paychex | IHS Markit Small Business Employment Watch was released on September 29, 2020 and the full report has some improvements that should still probably be interpreted as a mixed report since the data are not universally better.
Average hourly earnings at small businesses has still managed to rise