The COVID-19 pandemic likely caused most of the slowdown depicted in the March Paychex | IHS Markit report, though there were some bright spots in the country,
Paychex released its latest figures on small business employment and wage growth, gauged right before many companies began severely curtailing their operations due to COVID-19 – and before Congress gave such businesses lifelines in the latest economic relief package.
Based on data through March 19, the Paychex | IHS Markit Small Business Employment Watch shows a slight decrease in both small business employment and wage growth in March. At 98.21, the jobs index slowed 0.11 percent from February and 0.57 percent year-over-year. Hourly earnings growth dipped to 2.68 percent ($0.72), while weekly earnings growth also decelerated to 3.08 percent.
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Katie Kuehner-Hebert
Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.
