Increase in COVID-19 Cases Spur Decline in Small Business Jobs and Wage Growth – PRNewswire

ROCHESTER, N.Y., Jan. 8, 2021 /PRNewswire/ --The latest Paychex | IHS Markit Small Business Employment Watch benchmark report reveals the effect of increasing COVID-19 cases on small businesses in the U.S. The Jobs Index shows a slowing of 0.24 percent in December to 94.06, a decrease of 4.18 percent from the year prior. A decline in weekly hours worked and hourly earnings growth decelerating to 2.63 percent brought national weekly earnings growth to 2.42 percent.

"The winter season brought a surge in COVID-19 cases and with it a retreat in jobs growth," said James Diffley, chief regional economist at IHS Markit.

"The new pandemic stimulus package has come at the right time for business owners. COVID-19 cases continue to grow and many state and local restrictions remain in place, limiting business activity in some communities," said Martin Mucci, Paychex president and CEO. "The second round of Paycheck Protection Program loans, simplified forgiveness for new and existing PPP loans, and an extension and expansion of the Employee Retention Tax Credit are all significant measures to help businesses weather the months ahead."

In further detail, the December report showed:

The complete results for December, including interactive charts detailing all data at a national, regional, state, metro, and industry level, are available at http://www.paychex.com/watch. Highlights are available below.

Note: Data presented for the month of December was collected between November 13, 2020 and December 17, 2020.

National Jobs Index

National Wage Report

Regional Jobs Index

Regional Wage Report

State Jobs Index

Note: Analysis is provided for the 20 largest states based on U.S. population.

State Wage Report

Note: Analysis is provided for the 20 largest states based on U.S. population.

Metropolitan Jobs Index

Note: Analysis is provided for the 20 largest metro areas based on U.S. population.

Metropolitan Wage Report

Note: Analysis is provided for the 20 largest metro areas based on U.S. population.

Industry Jobs Index

Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found here. The Other Services (excluding Public Administration) industry category includes religious, civic, and social organizations, as well as personal services, including automotive and household repair, salons, drycleaners, and other businesses.

Industry Wage Report

Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found here. The Other Services (excluding Public Administration) industry category includes religious, civic, and social organizations, as well as personal services, including automotive and household repair, salons, drycleaners, and other businesses.

For more information about the Paychex | IHS Markit Small Business Employment Watch, visit http://www.paychex.com/watch and sign up to receive monthly Employment Watch alerts.

*Information regarding the professions included in the industry data can be found at the Bureau of Labor Statistics website.

About the Paychex | IHS Markit Small Business Employment WatchThe Paychex | IHS Markit Small Business Employment Watch is released each month by Paychex, Inc., a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small-to medium-sized businesses, and IHS Markit, a world leader in critical information, analytics, and expertise. Focused exclusively on small business, the monthly report offers analysis of national employment and wage trends, as well as examines regional, state, metro, and industry sector activity. Drawing from the payroll data of approximately 350,000 Paychex clients, this powerful tool delivers real-time insights into the small business trends driving the U.S. economy.

About PaychexPaychex, Inc. (NASDAQ:PAYX) is a leading provider of integrated human capital management solutions for payroll, benefits, human resources, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 45 years of industry expertise, Paychex served more than 680,000 payroll clients as of May 31, 2020 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn.

About IHS Markit (www.ihsmarkit.com)IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world's leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.

IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners 2021 IHS Markit Ltd. All rights reserved.

Media ContactsLisa FlemingPaychex, Inc. +1 585-387-6402 [emailprotected] @PaychexNews

Kate SmithIHS Markit+1 781-301-9311 [emailprotected]

Colleen Bennis Mower +1 585-389-1865 [emailprotected]

SOURCE Paychex, Inc.

http://www.paychex.com

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Increase in COVID-19 Cases Spur Decline in Small Business Jobs and Wage Growth - PRNewswire