For Utah voters, small business growth and the growth of the economy in general is important, very important as unemployment and wages are of concern. Last month Isabella Casillas Guzman, head of the U.S. Small Business Association toured the Beehive State encouraging support for small businesses. And more recently Guzmán announced the award of funds for 4 organizations that offer existing training programs through the SBA’s Service-Disabled Veteran Entrepreneurship Training Program and one of these organizations was a Utah based organization.
According to a report released by payroll processor Paychex, hourly earnings growth at small businesses declined in September to its lowest level since over a year ago, while hiring also slowed. Wages and unemployment are key indicators as well.
“Decreasing for the seventh consecutive month, the jobs index is now below its level from one year ago,” said James Diffley, chief regional economist at IHS Markit.
“With low unemployment levels continuing, small businesses are relying on their current staff to do more, driving an increase hours worked,” said Martin Mucci, Paychex chairman and CEO. “The moderation in hourly earnings growth is of particular note, though, as it may be a sign that the Fed’s actions are possibly having an impact in the battle against inflation.”
Also showing slightly slower growth from the previous month, the Small Business Job Index, which measures the rate of small-business job growth, also slowed slightly from the previous month, down -0.19% to 99.75. Small-business employment gains slowed during the spring and summer as monthly decreases averaged -0.26% from April through September.