Hourly earnings growth for U.S. workers at small businesses has held steady since May, reporting 3.16% growth in July, and weekly earnings growth remains below 3% for the sixth consecutive month, according to the Paychex Small Business Employment Watch. The national small business jobs index has averaged moderate employment gains (100.44) through seven months of 2024. The July reading stands at 99.87.
Weekly earnings grew 2.87% in July. Weekly hours worked growth (-0.20%) remains negative year-to-year for the 16th consecutive month. The construction sector had the largest one-month change among industries, down 0.67 percentage points to an index level of 99.77 in July, yet it continues to lead growth among sectors in hourly earnings (3.84%), weekly earnings (3.79%), and weekly hours worked (0.16%) for the ninth consecutive month.
Source: Business Wire
