US small business job growth holds steady in October, Paychex says
PAYX•Paychex reported that its national jobs index for businesses with fewer than 50 employees rose 0.06 percentage points to 99.21 in October. Hourly earnings growth was 2.88%, while weekly earnings growth reached 3.04%.
1. Jobs and earnings
Paychex's October report showed job growth among US businesses with fewer than 50 employees held essentially unchanged from a year earlier. The national jobs index rose 0.06 percentage points to 99.21. Hourly earnings growth reached 2.88%, remaining below 3% for a 26th consecutive month. Weekly hours worked grew 0.11%, extending gains to eight months, while three-month annualized weekly earnings growth slowed to 2.89%, below 3% for the first time since February.
