Small Business Employment Declines, Reflecting the Ongoing Impact of the Coronavirus Pandemic
May 08, 2020
![Computer screen showing small business employment watch](/sites/default/files/styles/medium_hq/public/image/2020-09/SBEW_Newsroom_0_0.jpg?itok=T-7hbGFf)
The latest Paychex | IHS Markit Small Business Employment Watch shows a decrease in small business employment as the COVID-19 pandemic caused instability for employers nationwide. The jobs index declined 3.65 percent last month to 94.63, a level consistent with rates seen in 2009 during the financial crisis. Hourly earnings growth rose slightly to 2.78 percent ($0.75) year-over-year. However, one-month annualized weekly hours worked growth dropped sharply, by 8.92 percent in April, resulting in a decline in weekly earnings growth to 1.28 percent from a year ago.
Read the full news release on the Small Business Employment Watch site.