U.S. Small Business Employment Rate Remains Steady in September
Paychex released its September Small Business Employment Watch, with the jobs index edging up 0.02 percentage points to 99.15, broadly in line with the 2026 year-to-date average of 99.19. Hourly earnings growth remained below three percent at 2.78%, extending a more than two-year trend of moderating wage growth, while weekly earnings growth rose to 3.07% for a ninth consecutive month of increases. CEO John Gibson characterized the small business labor market as remarkably stable, noting businesses are largely maintaining staffing levels and meeting demand through existing workforce capacity.
Key figures
- Customers served
- approximately 840,000
- Arizona jobs index
- 100.59
- Midwest jobs index
- 99.62
- Phoenix jobs index
- 101.31
- Jobs index change pp
- 0.02
- Hourly earnings growth
- 2.78%
- Weekly earnings growth
- 3.07%
- Ytd average jobs index
- 99.19
- Weekly hours worked growth
- 0.21%
- Education health services index
- 99.79
- Small business jobs index sep 2026
- 99.15
AI analysis
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