Job Market Remains Stable, Wage Growth Drops Below Four Percent - Seite 2

The complete results for July 2023, including interactive charts detailing all data, are available at www.paychex.com/watch. Highlights are available below.

July 2023 Paychex | IHS Markit Small Business Employment Watch

National Jobs Index

• At 99.14, the national Small Business Jobs Index slowed slightly for the fourth consecutive month and is down 1.00% from last year.
• Small business job growth moderated 0.07% from last month as its modest gains held relatively steady in July.
• The average pace of small business growth for the year leading up to the pandemic (March 2019 – February 2020) was 98.33, nearly a full point lower than the current pace.

National Wage Report

• Hourly earnings growth (3.95%) is below four percent for the first time since 2021.
• Weekly earnings growth slowed to 3.71% in July, its fifth consecutive month in decline. Weekly earnings’ one-month annualized growth has been below three percent for the past four months.
• Weekly hours worked growth is -0.20% in July, with one-month annualized growth averaging -1.84% since March 2023.

Regional Jobs Index

• At 99.91, the South leads regional small business job growth for the 16^th consecutive month despite its index falling below 100 for the first time in two years.
• The West was the only region to improve its rate of small business job growth, gaining 0.16% to 98.89.

Regional Wage Report

• At 4.20%, the West leads regional hourly earnings growth in July. The West also has the strongest weekly earnings growth (3.98%) among regions.
• For the fifth consecutive month, the Midwest leads regions in weekly hours worked growth (-0.11%). However, the Midwest has the weakest earnings growth rates among regions.

State Jobs Index

• Texas (100.87) overtook North Carolina (100.78) for the highest state index in July. Texas has been among the top three states for small business job growth since September 2020.
• New York has the weakest jobs index (98.03) and has slowed the most during the past year (-2.48%) among the top 20 most populous states.
• At 98.83, job growth in California has increased each of the past three months for a quarterly gain of 0.61%.

State Wage Report

• At 4.80%, Texas leads states in hourly earnings growth for the fifth straight month, though growth has steadily slowed in 2023. Hourly earnings growth averaged 6.34% during the second half of 2022.
• Indiana (2.87%) is the only state with hourly earnings growth below three percent in July.
• Washington ranks second in hourly earnings growth (4.71%), but 17^th in weekly earnings growth (3.39%) among states due to a large decrease in weekly hours worked. 

Metropolitan Jobs Index