2022-11-29 | NDAQ:PAYX | Press Launch

2022-11-29 | NDAQ:PAYX | Press Launch

Paychex knowledge additionally reveals the expansion in three-month annualized weekly hours labored

has reached its highest stage since March 2021

ROCHESTER, N.Y., Nov. 29, 2022 /PRNewswire/ — The speed of job progress and hourly earnings progress held comparatively regular at U.S. small companies in November, based on the most recent Paychex | IHS Markit Small Enterprise Employment Watch. The Small Enterprise Jobs Index moderated barely -0.05 p.c from the earlier month and stands at 99.38. At 5.04 p.c, the tempo of hourly earnings progress was unchanged over the earlier month.

2022-11-29 | NDAQ:PAYX | Press Launch

“Whereas there was little to no change in hiring charges and hourly earnings progress in November, this month’s knowledge reveals fascinating developments in hours labored. One-month annualized weekly hours labored progress was optimistic for the third consecutive month, growing 0.50 p.c, probably signaling that small companies are adapting to the present labor market and are leveraging current employees,” stated James Diffley, chief regional economist at IHS Markit.

“As U.S. companies strategy the tip of the yr, they’re persevering with to cope with inflation pressures and a difficult labor market,” stated John Gibson, Paychex president and CEO. “They need to bear in mind authorities packages can be found to assist, together with the Worker Retention Tax Credit score, which might be a supply of serious assist.”

In additional element, the November report confirmed:

  • At 99.38, the nationwide jobs index moderated -0.05 p.c from final month (-0.05 p.c is the smallest one-month lower since March 2022).
  • Three-month annualized weekly hours labored progress reached its highest stage since March 2021, growing to 0.77 p.c in November.
  • After eight consecutive will increase, weekly earnings progress slowed barely to 4.84 p.c.
  • Leisure and hospitality ranks first amongst sectors in hourly earnings progress (6.38 p.c) and final in weekly hours labored progress (-0.66 p.c).
  • The South continues to steer U.S. areas in small enterprise job progress and hourly earnings progress for employees.
  • North Carolina remained the highest state for small enterprise job progress; Missouri changed Florida as the highest state for employee hourly earnings progress.
  • Houston overtook Dallas to steer U.S. metros in small enterprise job progress; Dallas and Miami are the highest metros for hourly earnings progress (6.69 p.c).
  • Doubtless an influence from Hurricane Ian, weekly hours labored progress is down -0.79 p.c in Florida and -0.98 p.c in Tampa, the bottom stage amongst U.S. states and metros, respectively.

Paychex options attain 1 in 12 American private-sector staff, making the Small Enterprise Employment Watch an trade benchmark. Drawing from the payroll knowledge of roughly 350,000 Paychex shoppers with fewer than 50 staff, the month-to-month report affords evaluation of nationwide employment and wage developments, in addition to examines regional, state, metro, and trade sector exercise.

The whole outcomes for November, together with interactive charts detailing all knowledge, can be found at www.paychex.com/watch. Highlights can be found beneath.

Nationwide Jobs Index

  • At 99.38, the nationwide jobs index declined 0.05 p.c from final month and 1.32 p.c from final yr.
  • The nationwide index slowed for the ninth consecutive month, from 101.33 in February 2022 to 99.38 in November 2022.

Nationwide Wage Report

  • At 5.04 p.c in November, hourly earnings progress was unchanged in comparison with final month.
  • After eight consecutive will increase, weekly earnings progress slowed barely to 4.84 p.c.
  • Three-month annualized weekly hours labored progress reached its highest stage since March 2021, growing to 0.77 p.c in November.

Regional Jobs Index

  • The South leads regional job progress for the eighth straight month. At 100.64, it’s multiple and half factors greater than the subsequent highest area, the Northeast.
  • The tempo of small enterprise job progress is weakest within the West area in November (98.73). After 12 consecutive positive factors from March 2021 by February 2022, the speed of improve within the West has slowed the previous 9 months.

Regional Wage Report

  • The South leads hourly earnings progress amongst areas at 5.50 p.c in November. Whereas the South has been persistently prime ranked for jobs and earnings progress amongst areas for a number of months, weekly hours labored progress (-0.44 p.c) has steadily slowed and ranks final in November.
  • Hourly earnings progress within the Northeast has been above 4 p.c, but in addition ranked final amongst areas for the previous 13 months.

State Jobs Index

  • North Carolina (102.40) leads amongst states for the fourth consecutive month. Nonetheless, North Carolina’s index is down from a yr in the past (-0.07 p.c), the state’s first decline since March 2021.
  • Georgia had one of the best one-month acquire (0.63 p.c) amongst states in November as its index (100.52) jumped again above 100.
  • Washington joined Ohio and Wisconsin on the backside of the state rankings with an index beneath 98 in November. Down 3.56 p.c from a yr in the past, Washington has the weakest 12-month change charge amongst states, although practically the entire losses have occurred previously six months (-3.50 p.c).

Observe: Evaluation is supplied for the 20 largest states primarily based on U.S. inhabitants.

State Wage Report

  • Missouri (6.58 p.c) leads states in hourly earnings progress, adopted by Florida and Texas, which even have progress above six p.c.
  • At 3.62 p.c, Virginia is the one state with hourly earnings progress beneath 4 p.c and ranks final for the sixth consecutive month.
  • Ten states have hourly earnings progress beneath 5 p.c, whereas ten states have progress above 5 p.c in November.
  • Doubtless an influence from Hurricane Ian, weekly hours labored progress is down -0.79 p.c in Florida, the bottom stage amongst states.

Observe: Evaluation is supplied for the 20 largest states primarily based on U.S. inhabitants.

Metropolitan Jobs Index

  • Overtaking Dallas, Houston now has the top-ranked metro index (102.94) for the primary time in practically ten years. Houston had the strongest one-month acquire (0.49 p.c) amongst metros, whereas Dallas had the weakest (-0.67 p.c) falling to 102.73.
  • 4 West Coast metros (Seattle, San Diego, San Francisco, and Riverside) have indexes beneath 98 and are down greater than three p.c from final yr.
  • Following a large downturn throughout 2022 the place its index fell from 103.15 in March to 99.58 in August, Atlanta has improved for 3 consecutive months and is again above 100 in November (100.36).

Observe: Evaluation is supplied for the 20 largest metro areas primarily based on U.S. inhabitants.

Metropolitan Wage Report

  • Each reporting 6.69 p.c, Dallas and Miami lead hourly earnings progress amongst metros in November. Tampa (6.29 p.c) and Baltimore (6.27 p.c) even have progress above six p.c.
  • Whereas 12-month hourly earnings progress in Tampa has been above six p.c since April, one-month annualized progress fell to its lowest stage in two years (2.08 p.c).
  • Weekly hours labored progress in Tampa (-0.98 p.c) stays final amongst metros in November.
  • Washington (3.68 p.c) and Detroit (3.96 p.c) are the one metros with hourly earnings progress beneath 4 p.c in November.

Observe: Evaluation is supplied for the 20 largest metro areas primarily based on U.S. inhabitants.

Trade Jobs Index

  • At 98.47, development gained 0.37 p.c in November, one of the best one-month change charge amongst industries and its greatest improve since April 2021.
  • Different companies stay the top-ranked sector in November at 101.96, regardless of its eighth consecutive lower and lowest index stage since July 2021.
  • Leisure and hospitality improved 0.14 p.c to 100.02 in November, its first one-month acquire since January. Regardless of the optimistic motion, the sector is down 4.03 p.c from its stage a yr in the past.

Observe: Evaluation is supplied for seven main trade sectors. Definitions of every trade sector will be discovered right here. The opposite companies (besides public administration) trade class consists of spiritual, civic, and social organizations, in addition to private companies, together with automotive and family restore, salons, dry cleaners, and different companies. The chart’s darkish blue bars replicate the index stage and the sunshine blue diamonds replicate the 12-month change.

Trade Wage Report

  • Leisure and hospitality rank first amongst sectors in hourly earnings progress (6.38 p.c) and final in weekly hours labored progress (-0.66 p.c).
  • Enhancing for the sixteenth consecutive month and ranked first for the ninth consecutive month, weekly hours labored progress in development is up 0.32 p.c from final yr. Furthermore, at 5.19 p.c, hourly earnings progress in development has been above 5 p.c for the previous six months.
  • At 4.21 p.c hourly earnings progress in November, training and well being companies reached a brand new file stage since reporting started in 2011. But, its progress has been the weakest amongst sectors since October 2021.

Observe: Evaluation is supplied for seven main trade sectors. Definitions of every trade sector will be discovered right here. The opposite companies (besides public administration) trade class consists of spiritual, civic, and social organizations, in addition to private companies, together with automotive and family restore, salons, dry cleaners, and different companies.

For extra details about the Paychex | IHS Markit Small Enterprise Employment Watch, go to www.paychex.com/watch and join to obtain month-to-month Employment Watch alerts.

*Info relating to the professions included within the trade knowledge will be discovered on the Bureau of Labor Statistics web site.

In regards to the Paychex | IHS Markit Small Enterprise Employment Watch

The Paychex | IHS Markit Small Enterprise Employment Watch is launched every month by Paychex, Inc., a number one supplier of built-in human capital administration software program options for human assets, payroll, advantages, and insurance coverage companies, and IHS Markit, a world chief in essential info, analytics, and experience. Centered completely on small enterprise with fewer than 50 staff, the month-to-month report affords evaluation of nationwide employment and wage developments, in addition to examines regional, state, metro, and trade sector exercise. Drawing from the payroll knowledge of roughly 350,000 Paychex shoppers, this highly effective instrument delivers real-time insights into the small enterprise developments driving the U.S. economic system.

About Paychex

Paychex, Inc. (NASDAQ: PAYX) is a number one supplier of built-in human capital administration options for human assets, payroll, advantages, and insurance coverage companies. By combining modern software-as-a-service know-how and mobility platform with devoted, private service, Paychex empowers enterprise homeowners to deal with the expansion and administration of their enterprise. Backed by 50 years of trade experience, Paychex serves greater than 730,000 payroll shoppers as of Could 31, 2022 within the U.S. and Europe, and pays one out of each 12 American non-public sector staff. Be taught extra about Paychex by visiting www.paychex.com and keep linked on Twitter and LinkedIn.

IHS Markit (NYSE: INFO) is a world chief in essential info, analytics and options for the foremost industries and markets that drive economies worldwide. The corporate delivers next-generation info, analytics and options to clients in enterprise, finance and authorities, enhancing their operational effectivity and offering deep insights that result in well-informed, assured choices. IHS Markit has greater than 50,000 enterprise and authorities clients, together with 80 p.c of the Fortune World 500 and the world’s main monetary establishments. Headquartered in London, IHS Markit is dedicated to sustainable, worthwhile progress.

IHS Markit is a registered trademark of IHS Markit Ltd. and/or its associates. All different firm and product names could also be logos of their respective homeowners © 2021 IHS Markit Ltd. All rights reserved.

Media Contacts

Chris Muller

Paychex, Inc.

+1 585-338-4346

[email protected]

@Paychex

Kate Smith

IHS Markit

+1 781-301-9311

[email protected]

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SOURCE Paychex, Inc.