Job Market Remains Stable, Wage Growth Drops Below Four Percent - Seite 3

• Houston (101.85) remains the top-ranked metro for job growth for the ninth consecutive month, nearly one point higher than second-ranked Miami (100.86).
• Riverside has gained nearly two percent through seven months in 2023, improving its Small Business Jobs Index to 98.82 and rising out of the bottom rank among metros for the first time since last year.
• Denver dropped 0.67% to 97.28 in July, ranking last among top-ranked metros.

Metropolitan Wage Report

• San Diego leads the nation’s top metros in hourly earnings growth (4.98%), with Riverside (4.90%), another California metro, just behind it.
• San Francisco (2.69%) is the only metro with hourly earnings growth below three percent in July.
• Miami has the strongest weekly hours worked growth (0.32%) among top metros.

Industry Jobs Index

• At 100.74, education and health services is up 0.70% from last year, the best 12-month change rate among sectors.
• Leisure and hospitality slowed 0.39% to 99.24 in July and now ranks fourth among sectors in job growth, its lowest ranking in two years.
• Manufacturing’s Small Business Jobs Index slowed to 97.03 in July, continuing its year-long run as the last-ranked sector.

Industry Wage Report

• At 5.15%, leisure and hospitality’s hourly earnings growth ranks first among sectors and is on the rise. One-month annualized earnings growth (6.57%) in the sector is at its highest level in 2023 so far.
• Construction’s hourly earnings growth moderated to 4.51%, but the sector still ranks second among sectors again in July.
• Other services (3.16%) and education and health services (3.55%) have the weakest hourly earnings growth among sectors. However, these sectors have the month’s strongest jobs indices.

For more information about the Paychex | IHS Markit Small Business Employment Watch, visit 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 Watch 
The 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 S&P Global Market Intelligence, a Division of S&P Global (NYSE: SPGI), which merged with IHS Markit in 2022 and is a provider of information services and solutions to global markets. 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.