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Despite Hurricane damage, small business hiring remains steady

Small business hiring remained relatively steady for the month of October despite Hurricane damage.  Although hiring fell slightly, when considering the millions in dollars of damage resulting from Hurricanes’ Harvey and Irma, things could be alot worse.  According to Paychex, the “national hourly earnings for the month were an average $26.07, a gain of 2.91 percent, or 74 cents, year over year.  The Paychex Small Business Jobs Index decreased 0.04 from September to 99.89.”

Paychex CEO Mary Mucci spoke with CNBC about the overall growth of small business hiring and wages stating that “We’re seeing wage increases just under 3 percent, which is…very solid ….given that inflation is still around 2 percent. Consumer are getting some gains out of those wages,”

According to the Bureau of Labor Statistics, “the U.S. economy lost 33,000 jobs in September impacted by the devastating effects from those hurricanes.”  Although not a popular sentiment, President Trump’s pro-business strategy is having a positive affect according to business minds.  With a push for lower taxes and support for American businesses, the US economy is reacting positively for the most part.  If President Trump cannot enact tax reform benefiting businesses soon however, this sentiment may change.

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