ROCHESTER, New York
,
February 1, 2022
(press release)
–
National small business job growth continued to increase in January as did earnings for workers, according to the Paychex | IHS Markit Small Business Employment Watch. The January data shows the Small Business Jobs Index, which measures the year-over-year rate of employment growth, gained 0.39 percent in January. At 101.33, the national index has increased 7.80 percent over the past year, surpassing its 2014 peak. At 4.43 percent year-over-year, hourly earnings growth maintained its record high set last month (December 2021). “The pace of small business job growth continued to grow in January, reaching a new record high powered by the return to work in leisure and hospitality,” said James Diffley, chief regional economist at IHS Markit. “Small businesses are continuing to recover from the job losses experienced at the start of the COVID-19 pandemic. While employment has not returned to pre-pandemic levels, the sustained growth in jobs is certainly positive,” said Martin Mucci, Paychex CEO. “Workers are also continuing to command higher pay. Hourly earnings growth in January matched the peak level set just last month.” In further detail, the January report showed: Paychex business solutions reach 1 in 12 American private-sector employees, making the Small Business Employment Watch an industry benchmark. Drawing from the payroll data of approximately 350,000 Paychex clients with fewer than 50 employees, the monthly report offers analysis of national employment and wage trends, as well as examines regional, state, metro, and industry sector activity The complete results for November, including interactive charts detailing all data, are available at www.paychex.com/watch. Highlights are available below. January 2022 Paychex | IHS Markit Small Business Employment Watch National Jobs Index National Wage Report Regional Jobs Index Regional Wage Report State Jobs Index State Wage Report Metropolitan Jobs Index Metropolitan Wage Report Industry Jobs Index Industry Wage Report Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found here. The other services (except public administration) industry category includes religious, civic, and social organizations, as well as personal services, including automotive and household repair, salons, drycleaners, and other businesses. More Information *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 Media Contacts Kate Smith Maggie Pryslak
For more information about the Paychex | IHS Markit Small Business Employment Watch, visit the website and sign up to receive monthly Employment Watch alerts.
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 IHS Markit, a world leader in critical information, analytics, and expertise. 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.
Lisa Fleming
Paychex, Inc.
585-387-6402
lfleming@paychex.com
IHS Markit
781-301-9311
katherine.smith@ihsmarkit.com
Mower
585-576-1083
mpryslak@mower.com
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