Small Business Employment Growth Consistent with 2015, According to Paychex | IHS Small Business Jobs Index

ROCHESTER, NY--(Marketwired - November 29, 2016) -

• With one month remaining in 2016, the national index has averaged 100.64, just above the 2015 average of 100.59
• The East South Central leads regions for small business employment growth
• Georgia overtakes Washington as the top-ranked state
• Seattle maintains a narrow lead over Atlanta in the metro rankings
• Leisure and Hospitality increased by 0.20 percent in November, while Construction declined 0.17 percent

The Paychex | IHS Small Business Jobs Index moderated slightly in November, down 0.02 percent from the previous month. This marks the third consecutive decline, which saw the national index decrease from 100.70 in August to 100.38 in November. Despite this, small business employment growth levels remain consistent with the same period a year ago. Among regions, the East South Central is experiencing the strongest growth, up 3.42 percent from last year. Georgia overtook Washington as the top-ranked state for small business employment growth. Seattle maintained its lead as the top metro area, with Atlanta following as a close second. Small business jobs growth for Leisure and Hospitality increased by 0.20 percent from the previous month, while Construction declined 0.17 percent.

"At 100.38, the Paychex | IHS Small Business Jobs Index was essentially unchanged from the previous month and from November 2015, representing consistent small business job growth rates from this time a year ago," said James Diffley, chief regional economist at IHS Markit.

"Given the election results, small business owners seemed to take a 'wait and see' attitude," said Martin Mucci, Paychex president and CEO. "We'll be watching the next few indexes closely to see what the numbers may indicate about the sentiment and outlook for small business."

National Index
At 100.38, the Paychex | IHS Small Business Jobs Index settled at a level consistent with this time a year ago, after three consecutive months of decline. The recent slowdown in job growth flattened from October to November, with the index decreasing just 0.02 percent. Despite the index's recent declines, small businesses have experienced positive job gains over the base year for more than 60 consecutive months, dating back to 2011. With one month remaining in 2016, the national index has averaged 100.64, just above 2015's average of 100.59.