Leisure and hospitality jobs remained strong in October with employment growing and wages rising.
According to the latest data from the monthly Small Business Employment Watch by Paychex and IHS Markit, leisure and hospitality sectors continued to show the fastest growth rates.
Additionally, the national jobs index surpassed 100 for the first time since 2017, and hourly and weekly rates are growing at a record pace.
Leisure and hospitality lead sectors in earnings and hours worked growth for the seventh consecutive month, and the West is now the new top region for small business employment growth, overtaking the South.
"The positive gains seen since June indicate that jobs lost in 2020 are steadily coming back, although there's still ground to make up to return to pre-pandemic levels," said Martin Mucci, Paychex president and CEO. "With hourly earnings growth at record levels, you can see employers are responding to labor market pressures and the impact of many workers leaving their current jobs and seeking new opportunities."
While small business employment growth continues, total employment remains far from its pre-pandemic levels.
The index has reached 100.45, increasing 6.5 percent during the past 12 months as small businesses continue to recover from the pandemic. In response to labor market pressures, hourly earnings growth improved to 3.85 percent in October, a new record level since reporting began 10 years ago.
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