Paychex data also reveals the growth in three-month annualized weekly hours worked
has reached its highest level since March 2021
ROCHESTER, N.Y., Nov. 29, 2022 /PRNewswire/ — The rate of job growth and hourly earnings growth held relatively steady at U.S. small businesses in November, according to the latest Paychex | IHS Markit Small Business Employment Watch. The Small Business Jobs Index moderated slightly -0.05 percent from the previous month and stands at 99.38. At 5.04 percent, the pace of hourly earnings growth was unchanged over the previous month.
“While there was little to no change in hiring rates and hourly earnings growth in November, this month’s data reveals interesting trends in hours worked. One-month annualized weekly hours worked growth was positive for the third consecutive month, increasing 0.50 percent, possibly signaling that small businesses are adapting to the current labor market and are leveraging…
