While the Paychex | IHS Small Business Jobs Index grew 0.23
percent in the past 12 months, the national index remained even for
October, coming in at 100.84. Showing no change, the rate of job
creation seen in September was consistent through October. Though down
0.25 percent during the past three months, the national index is still
in a position of strength, well above the baseline of 100. Employment
growth in the Central regions put the West North Central region at the
top of the regional index, while Washington took over the lead among the
states, and Dallas reclaimed the top spot among metro areas.
“The Paychex | IHS Small Business Jobs Index held strong in October as
employment growth maintained its momentum to start the fourth quarter,”
said James Diffley, chief regional economist at IHS.
“The year-over-year trend of employment growth continues to be strong
for small businesses, despite the index not showing a lot of movement in
recent months,” said Martin Mucci, president and CEO of Paychex. “Even
with the pace of employment varying since the index hit its record high
in the spring, small business hiring continues to be stronger than the
previous year.”
The October 2014 Paychex | IHS Small Business Jobs Index
National Index
The downturn seen in four of the past five months leveled off in
October, as the pace of employment growth was unchanged from September.
Though the national index remains at a low for 2014, the 12-month growth
rate continues to trend positively at 0.23 percent.
Regional Employment
The Central regions lead expansion; moving to the top of the regional
index at 102.45, West North Central spiked 0.68 percent from September
to October. Also, the West South Central region rebounded from a dip
last month to exceed 102 again. Employment conditions in the Eastern
regions lag, with New England declining the most in October and during
the past year.
State Employment Trend
A strong October gain pushed Indiana into the fourth position in the
state index. Despite a sharp decline in October, the Wisconsin index is
still above 102, indicating small business activity is far brighter than
other economic indicators in the state. The only state above 103,
Washington, is showing strong short- and long-term employment growth.
Both at an index level under 99, New Jersey and Virginia continue to lag
severely.
Note: Analysis is provided for the 20 largest states based on U.S.
population.
Metropolitan Employment Trend
Gaining 0.88 percent in October, Dallas surged to lead all metros,
surpassing Seattle and Houston. Strong gains also propelled Minneapolis
to 102.65, which had the lowest unemployment rate among large metros in
September. Though overall economic activity appears strong in Boston,
its small business index dropped to less than 100 in October. A large
improvement in Washington still leaves it lowest among the metros,
reflecting its overall sluggish economy this year.
Note: Analysis is provided for the 20 largest metro areas based on
U.S. population.
Launched on April 1, the monthly index from Paychex, Inc., a leading
provider of payroll, human resource, insurance, and benefits outsourcing
solutions for small-to medium-sized businesses, and IHS, Inc., a leading
global source of critical information and insight, provides analysis of
small business employment trends across the U.S.
The index analyzes same-store, year-over-year worker count
changes to identify and track small business employment trends using
real small business payroll data from the Paychex client base. The index
is based on aggregated data from approximately 350,000 small businesses
with fewer than 50 workers across the United States, one of the largest
sample sizes of any small business index or report in the country, and
provides timely, accurate insight into national, regional, state, and
metro employment activity. The index uses a base year of 2004, a period
of expansion before the start of the economic downturn. When the index
trends up it is a sign of a strengthening job market, and when it trends
down it is a sign of a slowdown.
For more information about the Paychex | IHS Small Business Jobs Index,
please visit the jobs index website.
Plus, view and download the October 2014 Paychex | IHS Small Business
Jobs Index infographic.
Or, sign
up to receive monthly alerts on the Paychex | IHS Small Business
Jobs Index.
About Paychex
Paychex, Inc. (NASDAQ:PAYX) is a leading provider of payroll, human
resource, and benefits outsourcing solutions for small- to medium-sized
businesses. The company offers comprehensive payroll services, including
payroll processing, payroll tax administration, and employee pay
services, including direct deposit, check signing, and Readychex®. Human
resource services include 401(k) plan recordkeeping, section 125 plans,
a professional employer organization, time and attendance solutions, and
other administrative services for business. A variety of business
insurance products, including group health and workers' compensation,
are made available through Paychex Insurance Agency, Inc. Paychex was
founded in 1971. With headquarters in Rochester, New York, the company
has more than 100 offices serving approximately 580,000 payroll clients
as of May 31, 2014. For more information about Paychex and our products,
visit www.paychex.com.
About IHS (www.ihs.com)
IHS (NYSE: IHS) is the leading source of information, insight and
analytics in critical areas that shape today’s business landscape.
Businesses and governments in more than 165 countries around the globe
rely on the comprehensive content, expert independent analysis and
flexible delivery methods of IHS to make high-impact decisions and
develop strategies with speed and confidence. IHS has been in business
since 1959 and became a publicly traded company on the New York Stock
Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS is
committed to sustainable, profitable growth and employs more than 8,000
people in 31 countries around the world.
IHS is a registered trademark of IHS Inc. All other company and
product names may be trademarks of their respective owners. Copyright ©
2014 IHS Inc. All rights reserved.
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