According to Paychex, the human resource firm, small business hiring fell to a seven year low in the month of March. While the decrease came as a surprise to many, on the upside, national hourly earnings grew to $26.48. Per CNBC, “the Small Business Jobs Index decreased 0.12 percent from last month and 1.07 percent from a year earlier. Small-business wages continued to rise, reaching a 2.66 percent (69 cents per hour) annual growth rate in March.”
When taking a close look at national statistics, Tennessee comes in as the top ranked state for job growth “while Arizona ranks first in annual hourly earnings growth. Denver passed Seattle as the country’s top metro area for small-business jobs,” all of which are according to Paychex.
As the American economy continues to ride strong recent statements and actions by President Trump threaten to hurt it. With recent tariffs estimated to effect middle American products, it will be interested to see if a drop in small business hiring continues.