Small Business Job Growth Advances in July Amid Signs of Strong Economic Rebound – PRNewswire

ROCHESTER, N.Y., Aug. 3, 2021 /PRNewswire/ --National job growth in July was up notably across all industry sectors and regions over the previous month, according to aggregated payroll data of approximately 350,000 clients provided by Paychex. The data released in the latest report of the Paychex | IHS Markit Small Business Employment Watch shows the Small Business Jobs Index jumped 0.85 percent in July, the second strongest one-month increase since 2010, the period of recovery following the Great Recession. At 99.36, the small business jobs index is up more than one percent over last quarter and five percent from last year, suggesting a significant recovery from the COVID-19 pandemic. Hourly earnings growth improved to 3.11 percent in July, up from June's increase of 2.84 percent.

"Hiring at small businesses across the U.S. grew significantly in July," said James Diffley, chief regional economist at IHS Markit. "The national index jumped to 99.36, the highest level since the summer of 2018."

"The rate of hiring continues to increase steadily across all sectors," said Martin Mucci, Paychex president and CEO. "July's small business job and wage growth numbers indicate a continued rebound of the economy as employment increases."

In further detail, the July report showed:

Paychex business solutionsreach 1 in 12 American private-sector employees, making the Small Business Jobs Index report an industry benchmark. The national jobs index uses a 12-month same-store methodology to gauge small business employment trends on a national, regional, state, metro, and industry basis.

The complete results for July, including interactive charts detailing all data, are available at http://www.paychex.com/watch. Highlights are available below.

National Jobs Index

National Wage Report

Regional Jobs Index

Note: Percentages displayed in the regional heat map reflect 12-month changes.

Regional Wage Report

Note: Percentages displayed in the regional heat map reflect 12-month changes.

State Jobs Index

Note: Analysis is provided for the 20 largest states based on U.S. population.

State Wage Report

Note: Analysis is provided for the 20 largest states based on U.S. population.

Metropolitan Jobs Index

Note: Analysis is provided for the 20 largest metro areas based on U.S. population.

Metropolitan Wage Report

Note: Analysis is provided for the 20 largest metro areas based on U.S. population.

Industry Jobs Index

Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found here. The other services (except public administration) industry category includes religious, civic, and social organizations, as well as personal services, including automotive and household repair, salons, drycleaners, and other businesses. The chart's dark blue bars reflect the index level and the light blue diamonds reflect the 12-month change.

Industry Wage Report

Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found here. The other services (except public administration) industry category includes religious, civic, and social organizations, as well as personal services, including automotive and household repair, salons, drycleaners, and other businesses.

For more information about the Paychex | IHS Markit Small Business Employment Watch, visit http://www.paychex.com/watch and sign up to receive monthly Employment Watch alerts.

*Information regarding the professions included in the industry data can be found at the Bureau of Labor Statistics website.

About the Paychex | IHS Markit Small Business Employment WatchThe Paychex | IHS Markit Small Business Employment Watch is released each month by Paychex, Inc., a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small-to medium-sized businesses, and IHS Markit, a world leader in critical information, analytics, and expertise. Focused exclusively on small business, the monthly report offers analysis of national employment and wage trends, as well as examines regional, state, metro, and industry sector activity. Drawing from the payroll data of approximately 350,000 Paychex clients, this powerful tool delivers real-time insights into the small business trends driving the U.S. economy.

About PaychexPaychex, Inc. (Nasdaq:PAYX) is a leading provider of integrated human capital management solutions for payroll, benefits, human resources, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by 50 years of industry expertise, Paychex served more than 710,000 payroll clients as of May 31, 2021 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn.

About IHS Markit (www.ihsmarkit.com)IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world's leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.

IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners 2021 IHS Markit Ltd. All rights reserved.

Media ContactsLisa FlemingPaychex, Inc. +1 585-387-6402[emailprotected]@Paychex

Kate SmithIHS Markit+1 781-301-9311[emailprotected]

Melissa Mazurek Mower +1 585-389-1809[emailprotected]

SOURCE Paychex, Inc.

http://www.paychex.com

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Small Business Job Growth Advances in July Amid Signs of Strong Economic Rebound - PRNewswire