Payroll

Hourly earnings growth for employees is slowing, even as job growth continues, according to a new report from Paychex.

Private sector employers added 107,000 jobs in January as annual pay grew 5.2% on a year-over-year basis, payroll giant ADP reported.

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The rule on classifying workers as either employees or independent contractors reverses a change from the Trump administration.

The unemployment rate remained unchanged at 3.7%, the U.S. Bureau of Labor Statistics reported.

The service-providing sector added 155,000 jobs, including 1,000 in professional and business services.

Nearly half the states are increasing their minimum wages this year, boosting the pay of an estimated 9.9 million workers, according to the Economic Policy Institute.

The average pace of job growth in 2023 remained above the growth rate leading up to the pandemic.

The unemployment rate declined two-tenths of a point to 3.7% in a sign of a strong economy despite high interest rates.

Annual pay rose 5.6% year-over-year, payroll giant ADP reported, seeing signs of a hiring slowdown for next year.

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The pace of hourly earnings growth and hiring slowed down at small businesses, payroll processor Paychex reported.

The unemployment rate ticked up one-tenth of a point to 3.9% as hiring slowed.

Annual pay increased 5.7% year over year in another sign of continuing strength in the economy despite interest hikes and inflation.

Growth in hourly and weekly pay at small businesses decelerated in October as job growth moderated, payroll provider Paychex reported.

The researcher sourced data from IRS tax forms to track wages for men between the ages of 25 to 55.

With the number of freshly minted accounting graduates dwindling and the consumer price index still rising, the law of supply and demand is driving up salaries.

Annual pay grew 5.9% year over year, as both job growth and wage growth slackened in September.

Hourly earnings growth slipped at small businesses last month to the slowest pace since September 2021, according to Paychex.