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According to the Paychex Small Business Employment Watch, January marks the 34th consecutive month of job growth for U.S. small businesses. Wage growth for workers continues to stabilize in the new year with hourly earnings growth remaining essentially unchanged since November at 3.47%.
“As we begin 2024, job growth in small businesses is continuing at a steady pace,” says John Gibson, Paychex president and CEO. “Nationally, wage growth remains stable despite 65 minimum wage changes taking effect in various states and localities on January 1. Small and medium-sized businesses remain resilient in the face of many challenges, including a tight labor market for qualified workers, the cost of and access to capital, rising employer regulations, and cost of providing benefits to attract and retain employees.”
“Several macroeconomic data sources point to a strong close to 2023,” adds Gibson. “Gross domestic product (GDP) increased 3.3% in the fourth quarter while the annual unemployment rate hit its lowest point since 1969, signaling federal policymakers have managed to bring down inflation and secure a ‘soft landing’ without major repercussions for workers or the economy. Policymakers need to address the cost and access to growth capital for small businesses, as well as the long term-issues impacting the labor market — including the participation rate and the quality of the workforce — to support the continued growth of small businesses, which drives the U.S. economy.”
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