ROCHESTER, N.Y., Aug. 2, 2022 /PRNewswire/ — Hiring at U.S. small businesses slowed for the fifth consecutive month, according to the latest Paychex | IHS Markit Small Business Employment Watch. The Small Business Jobs Index moderated -0.66 percent from the previous month and stands at 100.14. The pace of wage increases slowed slightly from the previous month, with average hourly earnings growth at 5.08 percent compared to 5.13 percent in June 2022.
“As the national GDP flattens, the Small Business Jobs Index also slowed significantly in July,” said James Diffley, chief regional economist at IHS Markit. “With an index level above 100, we’re seeing continued job growth, but the pace of that growth has declined.”
“For nearly two years, businesses added staff at a rapid pace to make up for the losses experienced during the pandemic,” said Martin Mucci, Paychex CEO. “While the growth rate has slowed, additional analysis of our…
