Dec 5, 201706:14 PMBlog
Washington tops in small biz job growth
According to a newly released report from national HR company Paychex, Washington had the best one-month and three-month small business jobs growth rates among states.
The firm's November numbers show that The Evergreen State is now second behind Tennessee on Paychex's small business job index, with a score of 101.64.
Washington saw 1.15 percent growth in small business jobs over the last month.
Nationally, however, the report shows a modest decline in both small business job and wage growth for November. The Small Business Jobs Index decreased 0.03 percent for the month, 0.10 for the quarter, and 0.52 percent for the year to 99.86. The national index has now been below 100 for five consecutive months.
“Though the monthly declines this year have been small, they have been persistent,” said James Diffley, chief regional economist at IHS Markit, which performed the study in partnership with Paychex. “At 99.86, the Small Business Jobs Index indicates employment growth, though steady, is now at the slowest pace since 2011.”
Monthly small business wage growth has slowed since reaching a high of nearly three percent in August. Hourly earnings in November stand at $26.09, a gain of 2.77 percent ($0.70) year-over year.