Small businesses in Tampa Bay continued to add jobs in June and also saw workers’ wages increase at a strong rate. This data comes from Paychex, provider of human resource, payroll, and benefits outsourcing services for small- to medium-sized businesses. According to a report, the southeast continued as the top region for wage growth increase. Also, small business job growth remains at its highest pre-pandemic level since June 2016.
June job growth
The Small Business Jobs Index for June was 100.81, up 2.32 percent from over a year ago and -0.06 percent from the previous month. Average hourly earnings growth for the month stood at 5.10 percent, compared to 5.16 percent from May 2022.
“The small business economy still is in recovery phase with continued job gains, and, surprisingly, moderating wage gains,” said James Diffley, chief regional economist at IHS Markit.
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“Our June report shows continued job growth for small businesses. The pace of that growth slowed slightly from the previous month, however,” said Martin Mucci, Paychex CEO. “This month’s data also showed a slight decline in hourly earnings growth, the first decrease in 13 months. Despite this, growth remains strong, above five percent.”
In further detail, the June report showed:
- Hourly earnings have increased $1.48 during the past year, now reaching $30.42.
- The South continued as the top region for small business job growth, with Texas and Dallas leading among states and metros, respectively.
- The South was also the top region for hourly earnings growth.
- Ohio was the top state for hourly earnings growth, followed closely by Arizona and Florida.
What is Paychex?
Paychex was founded in 1971 with an insight by B. Thomas Golisano. Payroll is complex for small and medium-sized businesses and Paychex strives to make it simple. Today they are a provider of integrated human capital management solutions for HR, payroll, retirement plans, employee benefits, business insurance.
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