Press release
U.S. Small Business Job Growth Rate Remained Steady in November
Paychex Small Business Employment Watch showed notable hurricane recovery in Southeast region ROCHESTER, N.Y.--(BUSINESS WIRE)-- According to the Paychex
About this update from Paychex, Inc.
[{"type":"text","content":"\nPaychex Small Business Employment Watch showed notable hurricane recovery in Southeast region\n\n\n ROCHESTER, N.Y.--(BUSINESS WIRE)--\nAccording to the Paychex Small Business Employment Watch, small business job growth across the U.S. remained relatively consistent in November (99.91) and has averaged an index level of 100.25 through 11 months of 2024, representing modest employment growth. Hourly earnings growth (2.97%) and weekly earnings growth (2.84%) for workers stayed below three percent for the fourth and 10th consecutive month, respectively.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241203550753/en/According to the Paychex Small Business Employment Watch, small business job growth has averaged an index level of 100.25 through 11 months of 2024, representing modest employment growth. (Graphic: Business Wire)\n“Our national jobs data for November, which is based on real payrolls from 350,000 Paychex customers, indicates small business owners are retaining workers as employment growth holds steady and wage growth continues to trend in a more manageable direction,” said John Gibson, Paychex president and CEO. “We continue to see modest job growth through the first 11 months of the year as small businesses remain resilient and generally optimistic heading into the new year.”\n\n\nHurricane Recovery\n\n\nPaychex Small Business Employment Watch data for November signaled an increase in job growth in some areas as recovery efforts continue after Hurricanes Helene and Milton:\n\n\n\nConstruction job growth in Florida increased 2.55 percentage points to an index level of 99.95.\n\n\n\nWeekly hours worked in North Carolina (-0.81%) were down in November, but one-month annualized growth rebounded among sectors following Hurricane Helene.\n\n\n\n“As anticipated, we can see an increase in construction jobs as North Carolina and Florida recover from the impacts of Hurricanes Helene and Milton,” added Gibson. “The recovery boon includes a notable spike in Georgia construction jobs as crews add to their workforce to help neighboring states with rebuilding. We expect this trend will continue until recovery efforts are complete.”\n\n\nJobs Index and Wage Data Highlights\n\n\n\nTexas gained 1.22 percentage points as its jobs index climbed to 101.60, which led states fo...