Small Business Index Declines

By Staff Writer August 01, 2018

The Paychex/Markit Insights Small Business Employment Watch for July shows slight declines in the rates of small business jobs and wage growth.

At 99.34 in July, the Small Business Jobs Index is down 0.63 percent year-over-year. Hourly earnings growth stands at 2.42 percent, up $0.63 from a year ago. Since last July, hourly earnings growth has slowed 0.54 percent.

The national index continued its slow decline, down 0.19 percent during the past quarter and 0.63 percent during the past year.

Reflecting tightening labor markets, the 12-month change in the index has been negative since March 2017.

Wage gains continued what is now a yearlong slide for both the hourly and weekly earnings measures.

Since last July, weekly earnings growth has slowed from 3.10 percent to 2.65 percent, and hourly earnings growth has slowed from 2.96 percent to 2.42 percent.

Last modified on Wednesday, 01 August 2018 13:23

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