Job Gains in U.S. Small Businesses Continue in June
Hourly earnings growth for small business workers holds steady
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240702353654/en/
![U.S. small businesses continued to add jobs in June, though at a slower pace than May, while wage growth held steady. (Graphic: Business Wire)](https://mms.businesswire.com/media/20240702353654/en/2175116/4/june2024-sbew-graphics.jpg)
“Small businesses continued to add jobs across the country in June and there was little change in wage inflation, which reflects relative stability for small businesses,” said
“While jobs are growing nationally, small businesses in some geographies and industries continue to face a challenging operating environment due to complex regulations, a tight labor market, and inflationary pressures,” Gibson added. “We are continuing to see the impact of these challenges in the West region, particularly in the state of
Jobs Index and Wage Data Highlights:
-
The national jobs index continued to represent employment gains in June (100.29), though at a slower pace than May (100.58) and
June 2023 (101.37). - National hourly earnings growth held steady at 3.16% in June, consistent with the moderating trend reported during the first half of 2024.
- One- and three-month annualized hourly earnings growth reported 3.04% and 2.85% in June, respectively, slightly below the 12-month growth rate (3.16%).
-
California (99.37) dropped to last among states in June and has reported an index level below 100 for three-straight months, indicating year-over-year job losses. Leisure and Hospitality ranked last among sectors analyzed inCalifornia in June, slowing 2.70 percentage points over the last quarter. Weekly hours worked growth in Leisure and Hospitality across the state was down 1.77% last month. - The two largest industry sectors, Education and Health Services (102.18) and Professional and Business Services (100.20), increased their rate of small business employment growth from last month in June.
- Weekly earnings growth (2.96%) improved for the third consecutive month, though the increases have been marginal (0.03%).
The complete Small Business Employment Watch results for
About the Paychex Small Business Employment Watch
The Paychex Small Business Employment Watch is released each month by
About
View source version on businesswire.com: https://www.businesswire.com/news/home/20240702353654/en/
Media Contacts
Manager, Public Relations
(585) 387-6705
tvolkman@paychex.com
@Paychex
Source: