According to the Paychex data, one-month annualized hourly earnings growth dropped to 1.91%. The national jobs index increased 0.02 percentage points to 99.89 in August, indicating nominal year-over-year job losses. The national small business jobs index has averaged 10% in August, reflecting a challenging job market for small enterprises that continues to face economic pressures.
After holding steady for several months, hourly earnings growth continued to decelerate in August. Falling below three percent for the first time in three years is another notable signal that the labor market is moving closer to its pre-pandemic level.
John Wilson, the owner of Wilson Plumbing and Heating, mentioned that labor costs, making up about 50%-70% of his budget, are a crucial expense and that he’s observed wage stabilization trends.
Albert Brenner emphasized the constant balancing act he faces between offering competitive wages to retain skilled workers and managing overall expenses, especially in light of economic uncertainties.
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