The labor market seems to be tightening.
ROCHESTER, NY — The Paychex-IHS Markit Small Business Employment Watch for June marks four consecutive months of decline in small business job growth, but a continued increase in wages.
The Small Business Jobs Index decreased 0.24 percent to 100.10 in June. The index is at its lowest level since late 2011. National hourly earnings in June were $25.82, increasing 2.88 percent (72 cents) year-over-year.
“Small business job gains have slowed, consistent with tightening labor markets. Wage gains continue at a moderate pace, up 2.88 percent from last year,” said James Diffley, chief regional economist at IHS Markit.
Martin Mucci, Paychex president and CEO, said: “Over the past month we’ve seen continued uncertainty as it relates to legislative policies that stand to impact small businesses. The decline in this month’s index and modest growth in wages seem to reflect an unclear regulatory picture combined with a narrowing labor market.”
National Jobs Index
Despite a strong start to 2017, at 100.10, four consecutive declines have the national index at its lowest level since late 2011, with employment growth conditions returning to the levels established during the base year of 2004. This coincides with the U.S. unemployment rate declining to similar levels of that time, per the BLS.
Continuing its deceleration, the Small Business Jobs Index declined 0.24 percent to 100.10, the lowest one-month growth rate in four years.
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National Wage Report
Up 2.88 percent year-over-year, hourly earnings growth was unchanged from the previous month.
The 12-month growth in weekly earnings accelerated to 3.10 percent, helped by a 0.25 percent increase in weekly hours worked.
Read the full report from Paychex
Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success
After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone.
Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently.
The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.
