U.S. Small Businesses Extend Weekly Hours Growth to 6 Months as August Jobs Index Holds at 99.13
Updated
Updated · Yahoo Finance · Sep 1
U.S. Small Businesses Extend Weekly Hours Growth to 6 Months as August Jobs Index Holds at 99.13
1 articles · Updated · Yahoo Finance · Sep 1
Summary
Weekly hours worked at U.S. small businesses rose 0.07% in August, marking a sixth straight month of gains—the longest such stretch since October 2020.
Paychex said continued demand and a tight labor market pushed employers to lean on existing staff rather than significantly expand hiring, leaving the small-business jobs index little changed at 99.13.
Hourly earnings growth edged up to 2.89% but stayed below 3% for a 24th consecutive month, while weekly earnings growth reached 3.00%.
Regionally, the Midwest led employment growth with a 99.48 jobs index, the West posted a 0.41-point gain, and Phoenix topped major metros at 100.81 for the seventh time in the past year.