U.S. Small Business Job and Wage Growth Remain Steady
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The Paychex Small Business Employment Watch reported that the Small Business Jobs Index grew 0.18 percentage points in March to 100.85, the first increase this year. However, it remained below pre-pandemic levels. Hourly earnings growth for workers at U.S. companies with fewer than 50 employees continued to decelerate, ending March at 3.27% growth year-over-year. The Midwest overtook the South as the top-ranked region for small business job growth, with Indiana leading all states with a jobs index of 102.88. All regions and every industry except Manufacturing showed positive job growth in March.
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