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Small Business Job Growth Slows In May
The Paychex IHS Small Business Index dropped last month, but the overall trend this year is still positive.
After three months of strong gains, small business job growth is on the decline. According to a CNBC article, the Paychex IHS Small Business Index—which measures same-store, year-over-year changes in worker count to determine employment trends—dropped to 100.59 in May. That’s a 0.18 percent fall from April.
In a statement, Martin Mucci, president and CEO of Paychex, said, “Given the steady results of the past several months, it appears small businesses were not able to maintain the same level of employment growth in May.”
The East South Central region of the U.S. that’s made up of Kentucky, Tennessee, Mississippi and Alabama led small business job gains in May. But Washington solidified its spot as the number one job creator for the fifth consecutive month. Seattle was the top metro area for jobs in May with a record index reading of nearly 105.
Despite the most recent Paychex IHS results, small business employment growth remains positive so far in 2016. The index is up 0.22 percent in the first five months of the year versus the same period in 2015.
To read the full CNBC article, click here.
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About the Author
Cassidy McAloon
FollowCassie has over five years of digital and traditional media experience. She joined NLA after working as a television news producer in both Milwaukee and Chicago, and now specializes in aligning strategies across the board for her clients, ultimately building buzz and telling compelling stories through content marketing, social media, digital campaigns and traditional PR.
Cassie has a Bachelor of Arts in Broadcast and Electronic Communications from Marquette University. In her spare time, Cassie enjoys traveling and exploring what new cities have to offer in addition to spending time with her friends and family.
