June 4, 2024
(press release)
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Weekly earnings growth increases as weekly hours worked stabilize According to the Paychex Small Business Employment Watch, the Small Business Jobs Index rose 0.46 percentage points to 100.58 in May, the largest one-month increase since January 2022. At the same time, hourly earnings growth slowed to 3.13%, its lowest level since June 2021, for workers in U.S. small businesses with fewer than 50 employees. The report also indicated that weekly earnings growth was above three percent (3.09%) for the first time since January 2024 due to positive momentum in weekly hours worked by employees in May.
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