Hourly Earnings Growth Falls Below Three Percent as Job Growth Remains Steady for U.S. Small Businesses
Rochester, N.Y. (September 3, 2024) – The Paychex Small Business Employment Watch for August, which reflects U.S. small businesses with fewer than 50 employees, reported hourly earnings growth for workers dropped to 2.89%. This marks the first time growth has been under three percent since January 2021. In addition, the one-month annualized hourly earnings growth dropped to 1.91%. The national small business jobs index has averaged 100.37 through eight months of 2024, representing modest employment growth.
Read the full news release on the Small Business Employment Watch site.
Editor's note: Hourly earnings growth in August marked the first month below three percent since June 2021, not January 2021 as previously stated.
Tracy Volkmann
Tracy Volkmann began working at Paychex in July 2014 and currently manages public relations for the company. In this role, she is responsible leading the PR function, protecting the company's reputation, and driving positive earned media coverage for Paychex. Tracy is a graduate of St. Bonaventure University and started her career in collegiate athletic communications, having spent seven years at West Point.