Job Growth Holds Steady, Hourly Earnings Growth Up in September

The Paychex | IHS Markit Small Business Employment Watch for September shows the tight labor market continues to restrain job growth, while hourly earnings wage growth and weekly hours worked saw modest increases. At 99.18, the Small Business Jobs Index is consistent with last month’s level, but slowed 0.23 percent during the past quarter, and 0.75 since this time last year. The rate of hourly earnings growth in September stands at 2.33 percent ($0.61), increasing for the first time in more than a year. At 2.65 percent, weekly earnings growth has slowed during the past year. However, weekly hours worked are up year-over-year for the 22nd consecutive month.

Read the full news release on the Small Business Employment Watch site.