U.S. Small Business Job Growth Rate Remained Steady in November

Paychex Small Business Employment Watch showed notable hurricane recovery in Southeast region

According to the Paychex Small Business Employment Watch, small business job growth across the U.S. remained relatively consistent in November (99.91) and has averaged an index level of 100.25 through 11 months of 2024, representing modest employment growth. Hourly earnings growth (2.97%) and weekly earnings growth (2.84%) for workers stayed below three percent for the fourth and 10th consecutive month, respectively.

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According to the Paychex Small Business Employment Watch, small business job growth has averaged an index level of 100.25 through 11 months of 2024, representing modest employment growth. (Graphic: Business Wire)

“Our national jobs data for November, which is based on real payrolls from 350,000 Paychex customers, indicates small business owners are retaining workers as employment growth holds steady and wage growth continues to trend in a more manageable direction,” said John Gibson, Paychex president and CEO. “We continue to see modest job growth through the first 11 months of the year as small businesses remain resilient and generally optimistic heading into the new year.”

Hurricane Recovery

Paychex Small Business Employment Watch data for November signaled an increase in job growth in some areas as recovery efforts continue after Hurricanes Helene and Milton:

Construction job growth in Florida increased 2.55 percentage points to an index level of 99.95.
Weekly hours worked in North Carolina (-0.81%) were down in November, but one-month annualized growth rebounded among sectors following Hurricane Helene.

“As anticipated, we can see an increase in construction jobs as North Carolina and Florida recover from the impacts of Hurricanes Helene and Milton,” added Gibson. “The recovery boon includes a notable spike in Georgia construction jobs as crews add to their workforce to help neighboring states with rebuilding. We expect this trend will continue until recovery efforts are complete.”

Jobs Index and Wage Data Highlights

Texas gained 1.22 percentage points as its jobs index climbed to 101.60, which led states for job growth in November. Dallas (101.07) and Houston (100.94) ranked first and second, respectively, among top U.S. metros for job growth in November.
The Midwest (100.62) remained the top region for small business employment growth for the sixth consecutive month.
Hourly earnings growth in Tennessee (3.98%) ranked first among states in November, marking the first time Tennessee has ranked first since reporting began more than 10 years ago.
Likely due to workforce composition changes due to recent hurricanes, Tampa (4.84%) jumped to No. 1 among top U.S. metros for hourly earnings growth in November.

More Information

For more information about the Paychex Small Business Employment Watch, visit the website 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 Small Business Employment Watch

The Paychex Small Business Employment Watch is released each month by Paychex, Inc. Focused exclusively on businesses with fewer than 50 workers, the monthly report offers analysis of national employment and wage trends and examines regional, state, metro, and industry sector activity. Drawing from the payroll data of approximately 350,000 Paychex clients, this powerful industry benchmark delivers real-time insights into the small business trends driving the U.S. economy. The jobs index is scaled to 100, which represents no year-over-year change in job growth among same store businesses. Index values above 100 represent new jobs being added, while values below 100 represent jobs being lost.

About Paychex

Paychex, Inc. (Nasdaq: PAYX) is an industry-leading HCM company delivering a full suite of technology and advisory services in human resources, employee benefit solutions, insurance, and payroll. The company serves more than 745,000 customers in the U.S. and Europe and pays one out of every 12 American private sector employees. The more than 16,000 people at Paychex are committed to helping businesses succeed and building thriving communities where they work and live. To learn more, visit paychex.com.

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Media Tracy Volkmann Paychex, Inc. Manager, Public Relations (585) 387-6705 tvolkman@paychex.com @Paychex Emily Walsh Highwire Public Relations Account Executive (914) 815-8846 paychex@highwirepr.com

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