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Payroll | January 8, 2025
Job growth in U.S. small businesses with fewer than 50 employees averaged modest employment growth throughout 2024, according to the Paychex Small Business Employment Watch.
Isaac M. O’Bannon
Job growth in U.S. small businesses with fewer than 50 employees averaged modest employment growth throughout 2024, according to the Paychex Small Business Employment Watch. The national jobs index was relatively unchanged (0.02 percentage points) at the close of the year in December and has held its pace since the summer. At 2.96% in December, hourly earnings growth for U.S. small business workers remained below three percent for the fifth consecutive month.
“The pace of job growth among U.S. small businesses down-shifted slightly as 2024 progressed, yet small businesses remained resilient throughout the year.” said John Gibson, Paychex president and CEO. “As we head into 2025, small business owners continue to face some challenges such as access to growth capital, rising healthcare costs, and ability to hire qualified talent. In spite of this, optimism and hiring intentions improved to close the year – both trends that will be worth watching as we begin 2025.”
“As we have done for more than 50 years, Paychex will continue to focus our efforts in the coming year on designing solutions to support the small business growth that ultimately fuels our broader economy,” Gibson added. “Our PEO (professional employer organization) and Paychex Insurance Agency have long offered companies the opportunity to save on healthcare costs. Other solutions we introduced in 2024 were designed to address evolving business challenges, such as Paychex Flex Perks®, Paychex Recruiting Copilot, HR Analytics with AI Insights, Paychex Funding Solutions, and Paychex Flex® Engage.”
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Tags: Payroll, Small Business
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